WTI crude oil futures traded around $61 per barrel on Monday, holding onto gains from the previous week amid heightened geopolitical risks. Developments in the Middle East remained in focus after a US aircraft carrier strike group was deployed to the region as part of a significant military buildup amid tensions with Iran, fueling fears of a potential escalation that could disrupt energy flows. Trade concerns also lingered after President Trump threatened to impose 100% tariffs on Canada if it finalizes a deal with China. Canadian Prime Minister Carney later said that Ottawa has no intention of pursuing such an agreement with Beijing, noting the recent deal only reduces tariffs on a few sectors. Elsewhere, US-brokered talks between Russia and Ukraine concluded without a breakthrough, but both sides agreed to continue negotiations next weekend. Offsetting some of the gains, Kazakh’s oil exports are expected to return to normal after the restoration of an offshore mooring facility.
