**Oil Prices Surge Amid Escalating Russia-Ukraine Conflict and Potential New U.S. Sanctions**

Oil prices saw a significant spike on Monday in Asian trading sessions as escalating military actions between Russia and Ukraine, coupled with reports of looming U.S. sanctions on Moscow, overshadowed a production increase by OPEC+. Over the weekend, Ukraine launched an extensive drone assault on Russian territory in response to recent Russian offensives, jeopardizing upcoming ceasefire negotiations between the two nations.

Additionally, a report by Bloomberg revealed a bipartisan effort within the U.S. Congress to impose stricter sanctions on Russia's oil industry. Republican Senator Lindsey Graham and Democrat Richard Blumenthal are spearheading a proposed bill targeting major buyers of Russian crude, such as China and India. The legislation would impose a 500% tariff on imports from countries purchasing Russian oil, potentially disrupting global oil supplies as these significant buyers would need to seek alternative sources at possibly higher prices.

This prospect of tighter oil supplies helped the markets overlook the latest output hike by OPEC+ members. Brent oil futures for August rose by 2.3%, reaching $64.23 per barrel. Likewise, West Texas Intermediate (WTI) crude futures saw a 2.4% increase, climbing to $61.23 per barrel by 21:37 ET (01:37 GMT).

Amid these geopolitical developments, OPEC+ announced an anticipated production hike for July. The cartel decided to increase output by 411,000 barrels per day, continuing the same increment established over the past two months. This decision aligns with market expectations and aims to balance the impact of declining oil prices while addressing concerns over potential overproduction.

The concurrent rise in oil prices highlights the intricate interplay between geopolitical tensions, legislative actions, and market dynamics, making the global energy landscape increasingly complex. As the situation between Russia and Ukraine remains fluid and U.S. legislative measures loom, the potential for further market volatility persists.