Muscat: Oil prices were little changed today as traders assessed the potential impact of new European sanctions on Russian oil supply, alongside growing concerns over the fuel demand outlook as tariffs weighed on global economic growth. Brent crude futures rose 5 cents to $69.33 a barrel, after settling 0.35% lower on Friday. US West Texas Intermediate crude was at $67.36 a barrel, up 2 cents, following a 0.30% decline in the previous session.

According to Oman News Agency, the European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine. These sanctions are intended to curtail Russian oil exports and could potentially impact global oil supply dynamics. The recent measures by the EU aim to exert pressure on Russia amidst the ongoing conflict in Ukraine, adding another layer of complexity to the global oil market.

Meanwhile, US tariffs on imports from the European Union are set to kick in on 1 August 2025. These tariffs could influence economic growth and subsequently affect global oil demand, as they may lead to increased costs for consumers and businesses. The anticipation of these tariffs has added to the uncertainty in the market, with traders closely monitoring the potential repercussions on economic activity and energy consumption.