Brent crude oil futures dropped toward $61 per barrel on Monday, hovering near six-month lows, as concerns over a global supply glut continued to weigh on prices. The decline follows last week’s report from the IEA, which raised its projections for a market surplus in 2026 amid rising output from OPEC+ members. Cooling tensions in the Middle East also reduced risk premiums, with Israel and Hamas reaffirming their commitment to a ceasefire agreement. Limiting losses, however, a major Russia gas-processing plant was forced to shut down, at least partially, following a Ukrainian drone strike over the weekend that caused a fire and damage to the facility. Investors now closely watch a meeting between US President Trump and Russian President Putin in Hungary this week to discuss how to end the war. All eyes are also on the upcoming US-China trade talks, as the latest friction between the world’s two largest crude consumers added another layer of uncertainty to the energy market.