Oil prices fell on Thursday, retreating from earlier gains, after the International Energy Agency's director warned of weaker demand in China, while the market also watched for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July.

Oil prices rose along with the prospect of further sanctions against Russia—putting Russian energy flows at further risk—after Trump expressed frustration over the intensified attacks on Ukraine, ING said.

Saudi Arabia’s finance minister said the kingdom would “take stock” of its spending priorities as it grappled with a sharp drop in oil revenue and the global tumult triggered by US President Donald Trump’s tariffs.

Most Gulf stock markets rose in early trade on Thursday, tracking stronger oil prices, after a U.S. trade court blocked most of President Donald Trump's "Liberation Day" tariffs from going into effect.