Oil prices hit a four-month high after the United States imposed some of the toughest sanctions against Russia’s oil industry. About this informs Reuters.
Oil futures prices have experienced a significant increase. Brent ended trading at $79.76 a barrel, up $2.84 (or 3.7%) from earlier, breaking above the $80 mark for the first time since October 7. U.S. WTI crude futures rose $2.65 (3.6%) to $76.57 a barrel, hitting a three-month high.
During the session, growth of both contracts exceeded 4%, which was a reaction to the distribution of documents detailing new sanctions in Europe and Asia. The restrictions will significantly complicate the supply of Russian oil to key buyers, including India and China.
UBC analysts expect a reduction in Russian oil exports and a further rise in prices, noting that the sanctions could be used as a means of pressure on Moscow within the framework of possible negotiations. At the same time, the impact of these measures on actual supplies for manufacturers, carriers, traders and end consumers remains unclear.
