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International crude benchmarks closed higher on Thursday, 28 August, as renewed Russian offensives in Ukraine dimmed prospects for a peace agreement and reduced expectations of additional Russian supplies reaching global markets in the near term.

Brent crude rose 57 cents, or 0.8%, to settle at $68.62 a barrel.

WTI gained 45 cents, or 0.7%, to $64.60.

Market participants also tracked developments in India, which remains under mounting pressure from Washington to scale back purchases of Russian oil. The United States this week doubled tariffs on Indian imports to as high as 50%, though traders said shipments of Russian crude to India are still likely to increase in September.

Meanwhile, supply-side risks continue to weigh on sentiment ahead of OPEC+’s planned production hike of 547,000 barrels a day next month.

Written: Farid Muzaffar