Oil prices surge as US intensifies sanctions on Russian oil shipments
Date
1/12/2025 7:39:03 AM
(MENAFN) Oil prices jumped nearly 3 percent, reaching their highest levels in three months, driven by growing supply concerns following the US administration’s ramped-up sanctions on Russia's oil production and exports.
By 9:13 PMlocal time (1813 GMT) on Friday, the international benchmark brent crude had risen by 2.7 percent, reaching USD79.02 per barrel. At the same time, West Texas Intermediate (WTI) crude was trading at USD75.42 per barrel.
The US Department of the Treasury announced a set of comprehensive measures aimed at reducing Russia's energy revenue, in line with the G7’s commitment. As part of these efforts, two of Russia’s largest oil producers, Gazprom Neft and Surgutneftegas, along with their affiliates, were added to the sanctions list.
Additionally, over 30 Russian oil field service providers, as well as several senior Russian energy officials and executives, including top managers from major Russian oil companies, were targeted.
US Secretary of the Treasury Janet Yellen emphasized that the sanctions were specifically designed to counter Russia’s largest source of revenue, which supports its “brutal and illegal” war against Ukraine.
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