Why oil Is Trending Today?

Friedrich Merz, a prominent German politician, expects the U.S. to exempt Rosneft's German unit from sanctions, with Berlin actively seeking this exemption. The U.S. has recently imposed sanctions on Russian firms Rosneft and Lukoil, leading to a 5% surge in oil prices. These sanctions have also prompted China and India to curb their Russian oil purchases, while Russia's President Putin has criticized the move. The German Economy Ministry believes the sanctions won't affect Rosneft's German subsidiaries. Meanwhile, Indian company Reliance has announced it will halt crude imports from Rosneft following the U.S. sanctions.

US President Trump has imposed sanctions on Russian oil companies Rosneft and Lukoil, aiming to pressure Russia to halt its military actions in Ukraine. The move has led to a significant increase in global oil prices, with crude oil jumping by over 2%. The sanctions target Rosneft, Russia's largest oil producer, and Lukoil, another major Russian oil company. The US has also canceled a planned meeting between Trump and Russian President Putin. Meanwhile, the UK has issued a general license for dealings with German-managed Rosneft refineries, providing guidance on how to comply with Russia-related sanctions.

Saudi Aramco's profit has dropped for ten consecutive quarters, most recently to $22.67 billion in Q2, due to lower oil prices and revenues. The company has flagged cost cuts and divestments, while maintaining steady dividends, and its debt has risen.

Four crew members died when an oil drilling ship capsized in the Gulf of Suez.