The price of oil has surged to a five-month high amid growing concerns over US sanctions on Russia’s energy sector. The US government has imposed its most aggressive sanctions yet, targeting major exporters, insurance companies, and 150 tankers. This move has sent shockwaves through the global market, with Indian and Chinese refineries struggling to assess the impact of the curbs. As a result, Brent crude oil prices have risen nearly 4% on Friday, approaching $81 per barrel. The sanctions aim to limit Russia’s ability to supply oil to the world market, heightening concerns over potential shortages and price volatility.
Source: https://www.bloomberg.com/news/articles/2025-01-12/latest-oil-market-news-and-analysis-for-jan-13