U.S. WTI crude oil fell 3% on Monday, with EU sanctions against Russian oil having limited impact.

On Monday, the price of American WTI crude oil fell as the latest EU sanctions against Russia are expected to have minimal impact on supply, while US tariff policies exacerbate demand concerns. The August delivery contract for West Texas Intermediate crude oil on the New York Mercantile Exchange fell by $2.08, or 3%, to close at $67.20 per barrel.