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Oil prices increase nearly 3 percent amid fears of supply disruptions from new US sanctions on Russia
(MENAFN) Oil prices jumped nearly 3 percent on Friday, hitting their highest levels in three months, as traders anticipated potential supply disruptions following the latest round of US sanctions aimed at Russian oil and gas revenue.
The Biden administration imposed new sanctions targeting Russian oil producers, tankers, intermediaries, traders, and ports, with the goal of affecting all stages of Russia’s oil production and distribution chains.
Brent crude futures rose by USD2.84, or 3.7 percent, to settle at USD79.76 a barrel, after briefly crossing the USD80 mark for the first time since October 7.
US West Texas Intermediate (WTI) crude futures climbed USD2.65, or 3.6 percent, to end at USD76.57 per barrel, also reaching a three-month high.
At their session highs, both contracts surged by more than 4 percent, spurred by reports in Europe and Asia circulating an unverified document about the sanctions.
Sources in Russian oil trade and Indian refining sectors told Reuters that the sanctions would significantly disrupt Russian oil exports to its major customers, India and China.
"India and China are scrambling right now to find alternatives," said Anas Alhajji, managing partner at Energy Outlook Advisors, in a video shared on social media platform X.
The Biden administration imposed new sanctions targeting Russian oil producers, tankers, intermediaries, traders, and ports, with the goal of affecting all stages of Russia’s oil production and distribution chains.
Brent crude futures rose by USD2.84, or 3.7 percent, to settle at USD79.76 a barrel, after briefly crossing the USD80 mark for the first time since October 7.
US West Texas Intermediate (WTI) crude futures climbed USD2.65, or 3.6 percent, to end at USD76.57 per barrel, also reaching a three-month high.
At their session highs, both contracts surged by more than 4 percent, spurred by reports in Europe and Asia circulating an unverified document about the sanctions.
Sources in Russian oil trade and Indian refining sectors told Reuters that the sanctions would significantly disrupt Russian oil exports to its major customers, India and China.
"India and China are scrambling right now to find alternatives," said Anas Alhajji, managing partner at Energy Outlook Advisors, in a video shared on social media platform X.
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