Oil Prices Surge Amid Russia-Ukraine Escalation

Oil prices are experiencing a significant increase due to the escalation of attacks between Russia and Ukraine, raising fears of disruptions in global supply.

Brent is up nearly 2%, reaching $69.36 per barrel, while US crude WTI jumps 3% to $65.89 per barrel.

Ukrainian attacks have hit Russian energy facilities, while the US is increasing pressure on Russia with higher tariffs.

All eyes are on OPEC+, which meets on September 7. ING analysts expect OPEC+ to maintain production levels, but do not rule out further cuts.

Investors are also awaiting data on US employment and the Fed meeting on September 16–17, with the market anticipating a possible rate cut.