Oil prices surge amid new EU sanctions on Russia
Date
12/15/2024 2:00:22 AM
(MENAFN) Oil prices surged on Thursday with fresh EU sanctions on Russia which pressured oil supply and rose demand in the US, the largest crude consumer in the world.
The global oil benchmark of brent crude increased by 0.14 to USD73.45 per barrel at 10.48 AM local time (0748 GMT), a surge from the last session's end of USD73.34.
The US benchmark West Texas Intermediate further rose by 0.13 percent to USD70.01 per barrel, compared to USD69.92 at the end of the previous session.
EU nations approved on the 15th sanctions package on Wednesday in reaction to current Russian attack on Ukraine.
As additional people and institutions are involved to the current sanctions list, the fresh sanctions are going to further limit the actions of exports belonging to third nations working in funding of Russia.
The EU forces an extensive range of limits on Russia, such as trade, finance, energy, industry, technology, transport, comprising oil and coal, dual-use and extravagance products, and gold and diamonds.
The sanctions also involve the prohibition on exporting crude oil and some oil goods shipped by sea from Russia to the EU, the exception of some Russian banks from the global payment system SWIFT and the postponement of the actions of several radio organizations.
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