The market remained cautious, however, as rising Saudi Arabian production and persistent concerns over global trade tensions tempered the upward momentum.

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However, increased oil production in Saudi Arabia and ongoing uncertainty over U.S. tariffs are capping price gains. As of 7:00 a.m. Kyiv time, Brent crude futures rose by 15 cents to $70.51 per barrel,

Oil prices extended their upward trend during early trading in Asia on Monday, building on last week’s strong performance amid mounting speculation that the U.S. might impose additional sanctions on Russia.

The oil market is holding firm despite tariff developments. Instead, the market appears focused on uncertainty around Trump’s scheduled major statement related to Russia. Read more

Oil prices rose marginally in early trading on Monday as investors remained concerned about potential further sanctions on Russia, which could tighten global supplies. U.S. President Donald Trump said on Sunday that his administration will send Patriot air defense missiles to Ukraine ahead of his expected major announcement on Russia on Monday.