President Joe Biden’s government imposed new sanctions against Russian oil producers, ships, intermediaries and ports, with the aim of affecting all phases of Moscow’s crude oil production and distribution chains.
Oil prices rose more than 3% this Friday, to their highest level in three months, as traders braced for supply difficulties for a sanctions package broader than the United States imposed on the income from the Russian crude oil and gas.
President Joe Biden’s administration imposed new sanctions against Russian oil producers, ships, brokers and ports, with the aim of affecting all phases of Moscow’s oil production and distribution chains, Reuters reported.
Brent crude futures rose $2.84, or 3.7%, to $79.76 a barrelafter having crossed the $80 a barrel for the first time since October 7.
US West Texas Intermediate crude oil futures advanced $2.65, or 3.6%, to $76.57, also a maximum of three months.
Both contracts had gained more than 4% during the sessionafter an unverified document detailing the sanctions circulated among operators in Europe and Asia.
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Oil: sanctions will cause “serious disruption”
Sources in the Russian oil trade and Indian refining told Reuters that The sanctions will cause serious disruption to Russian oil exports and its main buyers, India and China.
According to UBS analyst Giovanni Staunovo, The sanctions will affect Russian oil export volumes and make them more expensive.
The chosen moment, a few days before the inauguration of donald trump As president of the United States, it is likely that the Republican will maintain the sanctions and use them as a negotiating tool for a peace treaty with Ukraine, Staunovo added.
Oil prices are also being supported by extreme cold in the United States and Europe, which has increased demand for heating oil, said Alex Hodes, an analyst at brokerage firm StoneX.
Source: Ambito
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