0834 GMT - Oil prices rise in early trade on prospects of potential U.S. sanctions on Russian oil and reports that OPEC+ is weighing a pause in output hikes after August. Brent crude is up 0.5% to $68.99 a barrel, while WTI gains 0.6% to $66.93 a barrel. The Trump administration is in talks with Congress regarding a bill that would authorize steep sanctions on Moscow, including a tariff on Russian oil and other commodities. Meanwhile, Saudi Arabia and other key OPEC+ members are discussing a pause in production increases after next month's hike, according to a Bloomberg report citing delegates familiar with the matter. However, "this doesn't change our outlook for the market, as we had assumed OPEC+ would hike supply all the way through until the end of September," ING analysts say. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

July 11, 2025 04:34 ET (08:34 GMT)

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