Oil prices rise as US sanctions on Russian exports raise supply concerns
Date
1/13/2025 7:41:16 AM
(MENAFN) On Monday, oil prices increased for the third day in a row, with brent crude hitting a four-month high above USD81 a barrel. The rise coincides with traders' concerns that supply to important consumers like China and India may be disrupted by the most recent US sanctions aimed at Russian oil exports.
After breaking beyond USD80 per barrel on Friday for the first time since October, international benchmark Brent oil futures rose by about 1.5 percent to USD80.6 in morning trading on Monday. Also, US West Texas Intermediate (WTI) crude increased over 1.5 percent to USD77.7, its highest level in four months. According to data, both benchmarks have rose by over 6 percent since January 8.
In cooperation with the UK, the US announced a "sweeping" new set of penalties against Russia on Friday. Restrictions on 183 vessels engaged in the transportation of Russian crude oil are among the sanctions, which target two significant Russian petroleum firms, Gazprom Neft and Surgutneftegaz, as well as related firms.
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