September 29, 2025
Prices of Brent crude rose to almost $69 per barrel in the global commodity market on Monday, supported by supply concerns heightened by persistent geopolitical tensions.
The supply fear offset price pressure stemmed from anticipated resumption of oil flows from Iraq’s Kurdish region and expectations of higher OPEC production.
Brent crude was up by 0.2% trading at $68.80 per barrel from the previous close of $68.69. US benchmark West Texas Intermediate, WTI, also rose by 0.2% from $64.98 in the prior session to $65.09
According to Ukraine authority, four people were killed and more than 70 injured on Sunday in a large-scale Russian airstrike that primarily targeted Kyiv, the capital.
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Head of Kyiv City Military Administration, Tymur Tkachenko said the overnight attack lasted more than 12 hours, damaging residential and non-residential buildings in several districts, including a cardiology institute.
Ukrainian President Volodymyr Zelenskyy, in a statement on X in response to the attack, said “We will continue to strike back to deprive Russia of those revenue streams and to compel it toward diplomacy.
“Everyone who wants peace must back (US) President (Donald) Trump’s efforts and halt any Russian imports.”
Escalation of the Russia-Ukraine conflict intensified supply concerns, providing upward support for prices.
Meanwhile, on Saturday, Turkish Energy and Natural Resources Minister Alparslan Bayraktar, announced that oil shipments through the Iraq-Türkiye pipeline had resumed.
The twin-line pipeline, with a combined capacity of about 1.5 million barrels per day (bpd), connects oil fields in Iraq, including those in the Kurdish regional administration (KRG), to the Mediterranean export terminal at the Turkish port of Ceyhan.
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Initial shipments are expected to average about 200,000 bpd. The pipeline, closed since the earthquakes on Feb. 6, 2023, was restored to operational readiness by state pipeline operator BOTAS in October last year, he said on the Turkish social media platform NSosyal.
Markets were also eyeing the OPEC+ meeting on Sunday, where OPEC members and its allies are widely expected to discuss raising output in November.
Analysts say the move is targeted towards reclaiming market share lost to US in recent years as shale producers.
