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Global crude oil prices edged lower for the second consecutive session on Monday, 21 July 2025, as market sentiment remained weighed down by escalating trade tensions and muted reaction to the latest European sanctions on Russian oil. Investors continued to assess the potential fallout from geopolitical manoeuvring while keeping a close watch on refined product markets, particularly diesel.

Brent crude futures settled 7 cents lower at $69.21 per barrel, a modest 0.1% dip.

WTI crude slipped 14 cents, or 0.2%, to $67.20.

The losses come amid intensifying trade negotiations between the United States and the European Union, with a fast-approaching 1 August deadline adding pressure to both sides.

“With the tariff deadline looming, risks are skewed to the downside,” remarked one market analyst. “Expectations for a better supplied oil market later in the year only add to the view that there is further downside.”

Meanwhile, the European Union’s approval on Friday of its 18th sanctions package against Russia—targeting oil flows and singling out India’s Nayara Energy—has done little to shift the broader supply outlook. Analysts believe the sanctions are unlikely to significantly disrupt crude flows in the near term.

Still, traders are keeping a watchful eye on the diesel market, where potential supply disruptions stemming from the sanctions could provide some upside support for refined product prices.

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