Oil prices rise over OPEC+ output hike

Oil prices gained more than 1% on Monday, September 8, 2025, as the prospect of more sanctions on Russian crude after an overnight strike on Ukraine offset OPEC+’s planned output increase.

Brent crude climbed 80 cents, or 1.2%, to $66.30 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude rose 75 cents, or 1.2%, to $62.62 a barrel.

Both benchmarks fell more than 2% on Friday as a weak United States jobs report dimmed the outlook for energy demand. They lost more than 3% last week.

OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, agreed on Sunday to further raise oil production from October as its leader Saudi Arabia pushes to regain market share, while slowing the pace of increases compared with previous months.

OPEC+ has been increasing production since April after years of cuts to support the oil market, but the latest decision came as a surprise amid a likely looming oil glut in the northern hemisphere winter months.

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Eight members of OPEC+ will lift production from October by 137,000 barrels per day, far below the monthly increases of about 555,000 bpd for September and August and 411,000 bpd in July and June.

“Buying emerged as the output increase was smaller than anticipated, while fading prospects for peace in the Russia-Ukraine war and views that Russian oil won’t flood the market also supported prices,” said Satoru Yoshida, a commodity analyst with Rakuten Securities.

Russia launched its largest air attack of the war on Ukraine, setting the main government building on fire in central Kyiv and killing at least four people, Ukrainian officials told Reuters on Sunday.

U.S. President Donald Trump said on Sunday that individual European leaders would visit the United States on Monday and Tuesday to discuss how to resolve the Russia-Ukraine war.

The Star