Oil Prices Climb After the EU Imposes New Sanctions on Russia

Oil prices moved higher on Friday morning after the EU agreed to an 18th package of sanctions against Russia, but the effectiveness of the sanctions is yet to be seen. Friday, July 18th, 2025 The constant drumbeat of Russian sanction announcements is keeping Brent futures around $70 per barrel, with the European Union and its concept of a floating price cap taking centre stage this week. The bullish momentum was further supported by assumed Iraqi drone strikes on Kurdish oil fields, taking out all the major producing assets in less than a…