Oil prices spike following new sanctions against Russia
The International Energy Agency previously cautioned that US restrictions might impact global supply chains. Read Full Article at RT.com.
TroibNews 
Global oil prices surged on Wednesday following the US announcement of a new sanctions package aimed at the Russian oil sector. This increase was further bolstered by a decrease in US crude stockpiles.
Market data indicated that Brent crude futures climbed over 2%, hitting $82.10 a barrel—the highest point since August 2024. Meanwhile, US West Texas Intermediate crude experienced a more than 3% rise, trading around $80 a barrel.
Since the sanctions were announced on Friday by President Joe Biden's administration, Brent crude has risen by approximately $5, and WTI has gained about $4, according to Investing.com data.
Additionally, US crude oil inventories fell to their lowest levels since 2022, as reported by the US Energy Information Administration. However, the oil market's upward momentum was somewhat tempered by a ceasefire agreement between Hamas and Israel, which was interpreted as a sign of reduced tensions in the Middle East.
The new sanctions list included significant Russian oil companies like Gazprom Neft and Surgutneftegas, alongside numerous vessels involved in the transportation of Russian oil. A Reuters analysis indicated that these restrictions would impact 10% of the global oil tanker fleet, rendering many ships unable to access key ports.
In reaction to the sanctions, Moscow condemned them as “illegal,” with Kremlin spokesman Dmitry Peskov cautioning that they could destabilize global energy markets. Russian Foreign Ministry spokeswoman Maria Zakharova claimed that Biden's actions would define his legacy through the “mess” he leaves in their wake.
On Wednesday, the International Energy Agency warned that the US sanctions against Russia could greatly disrupt oil supply chains and tighten the global commodities market.
Aarav Patel contributed to this report for TROIB News
Market data indicated that Brent crude futures climbed over 2%, hitting $82.10 a barrel—the highest point since August 2024. Meanwhile, US West Texas Intermediate crude experienced a more than 3% rise, trading around $80 a barrel.
Since the sanctions were announced on Friday by President Joe Biden's administration, Brent crude has risen by approximately $5, and WTI has gained about $4, according to Investing.com data.
Additionally, US crude oil inventories fell to their lowest levels since 2022, as reported by the US Energy Information Administration. However, the oil market's upward momentum was somewhat tempered by a ceasefire agreement between Hamas and Israel, which was interpreted as a sign of reduced tensions in the Middle East.
The new sanctions list included significant Russian oil companies like Gazprom Neft and Surgutneftegas, alongside numerous vessels involved in the transportation of Russian oil. A Reuters analysis indicated that these restrictions would impact 10% of the global oil tanker fleet, rendering many ships unable to access key ports.
In reaction to the sanctions, Moscow condemned them as “illegal,” with Kremlin spokesman Dmitry Peskov cautioning that they could destabilize global energy markets. Russian Foreign Ministry spokeswoman Maria Zakharova claimed that Biden's actions would define his legacy through the “mess” he leaves in their wake.
On Wednesday, the International Energy Agency warned that the US sanctions against Russia could greatly disrupt oil supply chains and tighten the global commodities market.
Aarav Patel contributed to this report for TROIB News
