Russian crude prices are at their lowest since the war in Ukraine began, as sanctions deepen the discounts the nation’s oil industry needs to offer and benchmark futures tumble.

The price of Brent crude fell to $59.70 a barrel in early trading, its lowest intraday level since May 5. The international benchmark price has not closed below $60 a barrel since the Covid-19 pandemic. West Texas Intermediate, the US benchmark, closed at $56.82 a barrel on Monday, its lowest since February 2021.

Ukraine has used long-range drones to attack Russian oil platforms as it expands its strikes on the country's energy sector.

The Middle East’s Dubai oil benchmark is showing signs of worsening oversupply, adding to a slew of indicators pointing to a global glut.

By Lili Bayer, Julia Payne and Anna Hirtenstein BRUSSELS, Dec 15 (Reuters) - The European Union adopted fresh sanctions against Russian oil interests on Monday, targeting traders Murtaza Lakhani and Etibar Eyyub for helping Moscow to circumvent Western sanctions on crude exports that help to fund Russia's war in Ukraine.

Dorchester's Q3 2025 daily oil sales volumes rebounded by 15% after a dip in Q2 2025. Read more to see why DMLP stock is a Buy.

From silencing squeaky metalworks to killing weeds, cooking oil does more than impart delicious flavors to food. But as with everything, there are caveats.

Secret fleet of oil tankers uses fake flags, shell companies and disabled tracking to smuggle crude from Russia, Iran and Venezuela despite sanctions.

Renewed optimism over a Russia-Ukraine ceasefire weighed on the oil market yesterday. ICE Brent settled a little more than 0.9% lower, leaving it at $60.56/bbl - the lowest close since May. President Trump has said that an agreement to end the war in Ukraine is closer than ever after talks in Berlin. Clearly, territory remains a big sticking point.