Baghdad: Oil prices rose slightly on Monday after Ukraine intensified its attacks on Russia, raising concerns about a potential disruption to Russian oil supplies, while expectations of a US interest rate cut boosted the outlook for global growth and fuel demand. By 00:50 GMT, Brent crude futures rose 6 cents, or 0.09%, to $67.79, while US West Texas Intermediate (WTI) crude futures rose 9 cents, or 0.14%, to $63.75.

According to National Iraqi News Agency, Ukraine launched a drone attack on Russia on Sunday, severely reducing the capacity of a reactor at one of Russia’s largest nuclear power plants and sparking a massive fire at the Ust-Luga fuel export terminal, according to Russian officials. In addition, a fire at Russia’s Novoshakhtinsk refinery, caused by a Ukrainian drone attack, continued for the fourth consecutive day, according to the region’s acting governor.

Investor risk appetite increased after Federal Reserve Chairman Jerome Powell indicated on Friday the possibility of an interest rate cut at the US central bank’s meeting next month. The potential reduction in interest rates by the Federal Reserve is seen by investors as a move that could stimulate economic growth, thereby increasing demand for fuel and positively impacting oil prices.