Oil prices rise for third consecutive day amid concerns over US sanctions on Russian oil

(MENAFN) On Monday, oil prices increased for the third day in a row, with Brent crude reaching a four-month high above USD81 a barrel. The increase coincides with traders' worries that supply to crucial consumers like China and India may be disrupted by the most recent US sanctions aimed at Russian oil brought out.

Following breaking beyond USD80 per barrel on Friday for the first time since October, international benchmark Brent oil futures rose by approximately 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. In line with data, both benchmarks have rose by over 6 percent since January 8.

In collaboration with the UK, the US stated 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 large Russian petroleum companies, Gazprom Neft and Surgutneftegaz, in addition to related firms.

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