Oil prices rose on Friday after US President Donald Trump said he was preparing a “major” statement on Russia. This heightened market concerns about the possible imposition of additional sanctions against one of the world's largest oil producers. However, price gains are being held back by concerns about US tariff policy and expected increases in production under the OPEC+ deal, Reuters reports.

As of 04:08 GMT, September Brent crude futures rose 0.28% to $68.83 per barrel. US WTI crude rose 0.36% to $66.81 per barrel.

Since the beginning of the week, Brent has gained 0.8%, while WTI has fallen by 0.2%. On Thursday, both brands lost more than 2% due to investor concerns about the impact of escalating tariff wars on the global economy and fuel demand.“Prices partially recovered in the morning after President Trump said he would make an ‘important statement’ on Russia on Monday. The market fears new sanctions,” ING analysts said in a note to clients.

Relations between Washington and Moscow remain tense, with Trump expressing dissatisfaction with Russian President Vladimir Putin's position due to the lack of progress in peace talks with Ukraine.

Additional support for prices comes from the recovery in seasonal demand and new attacks by Yemeni Houthis on ships in the Red Sea. In addition, Saudi Arabia plans to deliver about 51 million barrels of oil to China in August, the largest volume in more than two years.

The OPEC+ agreement to increase production by 548,000 barrels per day from August remains a restraining factor. According to ING's forecast, growth may continue in September, but then there will be a pause.

“These increases could lead to a significant surplus in the global market in the fourth quarter and increase downward pressure on prices,” analysts note.

On Thursday, OPEC published its updated World Oil Outlook, in which it lowered its estimates for global oil demand for the period from 2026 to 2029 amid slowing consumption in China. Global demand is expected to average 106.3 million barrels per day in 2026, down from 108 million barrels in the previous forecast.