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SINGAPORE: Oil prices edged down on Tuesday, after surging nearly 2 percent in the previous session, as traders closely monitored developments in the Russia-Ukraine conflict for potential disruptions to regional fuel supplies.

Brent crude fell 32 cents, or 0.5 percent, to $68.48 per barrel at 7:48 a.m. Saudi time, while West Texas Intermediate crude also lost 33 cents, or 0.5 percent, to $64.47 per barrel.

Both contracts rose to their highest in more than two weeks on Monday, with WTI climbing above the 100-day moving average.

“The risks for crude oil prices appear tilted toward further gains, particularly if the price sustains a move above the $64–$65 resistance level,” IG analysts said in a note.

Oil’s rally on Monday was primarily driven by worries about supply disruptions as Ukraine struck Russian energy infrastructure, and as traders anticipated more US sanctions on Russian oil.

The attacks disrupted Moscow’s oil processing and exports, created gasoline shortages in some parts of Russia, and came in response to Moscow’s advances on the front lines and its pounding of Ukraine’s gas and power facilities.

Barclays, in a note to clients on Monday, said that oil prices remain in a tight range amid geopolitical volatility and relatively resilient fundamentals.

US President Donald Trump has renewed his threat to impose sanctions on Russia if there is no progress toward a peace deal in the next two weeks.

Traders will also be monitoring the impact of looming US tariffs against India for its continued purchase of Russian oil, said Ole Hansen, head of commodity strategy at Saxo Bank.

Indian exporters are bracing for disruptions after a US Homeland Security notification confirmed Washington will impose an additional 25 percent tariff on all Indian-origin goods from Wednesday.

This means Indian exports will face US duties of up to 50 percent — among the highest imposed by Washington — after Trump announced extra tariffs as a punishment for New Delhi’s increased purchases of Russian oil earlier in August.

Traders are awaiting the US inventory data from the American Petroleum Institute later in the day, with expectations pointing to a fall in crude and gasoline stocks but a possible build in distillate inventories. 

RIYADH: ��������’s mining exports have jumped about 80 percent, driven by rising production of phosphate, iron, aluminum, copper and gold, as the Kingdom accelerates efforts to become a global hub for mineral resources, a senior official said. 

Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer said current and planned investments in the sector are valued at SR180 billion ($48 billion), according to state broadcaster Al-Ekhbariya.  

The push is part of the government’s broader strategy to expand exports and attract high-quality foreign capital into downstream processing. 

“The focus has not only been on meeting local demand but also on expanding exports and attracting high-quality investments that strengthen the Kingdom’s competitive edge,” Al-Mudaifer told Al-Ekhbariya in a televised interview. 

He added that the effort covers “key resources such as phosphates, iron, aluminum, copper, and other downstream mining industries.” 

Al-Mudaifer also pointed to “remarkable growth” in exploration licenses and gold mining projects, supported by ��������’s rich geology, modern infrastructure, and what he described as “transparent taxation and competitive regulations.” 

The senior official said that Vision 2030 reforms have driven a “fundamental transformation” of the sector. Since 2013, �������� has risen from the bottom of the Fraser Institute’s global mining index to an advanced position in 2024, he noted, citing the strength of the regulatory framework and the investment climate. 

“Mining was one of these sectors that started from behind, but after the adoption of the mining strategy under Vision 2030, it witnessed a major transformation,” he said. “As a result, it moved from the bottom of the list in 2013 to competing for top positions in 2024… from now and in the coming years, the results will be even better.” 

He described the Mining Investment Law as one of the strongest globally, citing its clarity, transparency, and safeguards for investors, the state, and society.  

Political stability has also supported foreign confidence, he said, highlighting the 2021 launch of a national geological survey that compiled more than 80 years of data into a modern database to help investors assess opportunities. 

Al-Mudaifer said reforms have expanded exploration activity, lifting the number of licenses from about 50 a year before Vision 2030 to nearly 400 today.  

Land offered for mining has also increased to 50,000 sq. km annually, compared with 5,000 previously. He said the estimated value of the Kingdom’s mineral wealth has doubled from SR5 trillion to nearly SR10 trillion. 

He also pointed to the growing profile of the Future Minerals Forum, which now draws more than 18,000 participants each year, making it one of the world’s most prominent gatherings in the sector. 

Al-Mudaifer reaffirmed that mining has become the third pillar of Saudi industry after oil, gas, and petrochemicals, contributing to global supply chains, employment, and community development. He said the transformation is strengthening ��������’s standing as a leading global destination for mining investment.