Oil prices rose on Monday to their highest level in three weeks as investors watched for new US sanctions against Russia that could affect global supply. Increased oil imports from China also offered support as well as signs of tightening supply

Brent crude futures rose 89 cents, or 1.3%, to $71.25 per barrel at 11:14 GMT, while American West Texas Intermediate crude futures rose 93 cents, or 1.4%, to $69.38 GMT. According to Giovanni Staunovo, an analyst at UBS, rising crude imports by China and expectations around US President Donald Trump's announcement on Russia are supporting prices. According to data from industrial sources, the Oil price is rising as investors assess market prospects. Russian exports of petroleum products by sea fell by 3.4% in June compared to May, to 8.98 million metric tons

Chinese oil imports in June increased by 7.4% year on year to 12.14 million barrels per day, the highest level since August 2023, according to customs data released on Monday. Last week, Brent rose by 3%, while WTI posted a weekly gain of around 2.2%, after the International Energy Agency said the global oil market may be tighter than it seems