Oil Prices hold steady ahead of OPEC+ meeting

September 03, 2025 (MLN): Oil prices remained steady on Wednesday, consolidating gains from the previous session after fresh U.S. sanctions disrupted Iranian crude flows.

The market’s focus has now shifted to an upcoming OPEC+ meeting scheduled for September, according to CNBC.

Brent crude futures increased a little staying mostly steady by $0.58, or 0.85%, to $68.96 per barrel.

West Texas Intermediate (WTI) crude futures tickled down a bit by $0.15, or 0.23%, to $65.44 per barrel by [10:16 AM] PST.

Prices had climbed more than 1% on Tuesday after Washington imposed sanctions on a network of shipping firms and tankers accused of disguising Iranian oil as Iraqi crude.

 The measures, targeting a group led by an Iraqi-Kittitian businessman, reignited supply concerns and offered support to the market.

Additional momentum came from expectations of tighter U.S. supply.

However, upside remained capped by ongoing worries about global demand. Fresh U.S. economic data showed manufacturing contracted for a sixth consecutive month, as tariffs weighed on business sentiment and activity.

The slowdown fueled concerns over energy consumption in the world’s largest oil user.

Investors are now awaiting the outcome of the OPEC+ ministerial gathering, where eight core members of the producers’ alliance will meet with allies to assess the market outlook, as reported by CNBC.

On the geopolitical front, Beijing staged its largest-ever military parade to commemorate the 80th anniversary of Japan’s defeat in World War Two. President Xi Jinping presided over the event, joined by Russian President Vladimir Putin and North Korean leader Kim Jong Un.

The display followed the Shanghai Cooperation Organisation summit, where China advanced its push for an alternative global security and economic order, underscoring shifting power dynamics that may also ripple through energy markets.

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