Oil Rallies as Geopolitical Risks Mount From Venezuela to Russia
Oil hit a session-high as the US was said to be preparing new sanctions on Russia if Moscow rejects a plan to end the war in Ukraine.
Brent futures climbed as much as 2.4% above $60 a barrel. Prices earlier advanced after President Donald Trump ramped up pressure on Venezuela by ordering a blockade of sanctioned tankers.
The US is considering options such as targeting vessels in the so-called shadow fleet of tankers used to transport Russia’s oil, as well as traders who facilitate the transactions, according to people who spoke on condition of anonymity to discuss private deliberations. Those measures are being prepared in case President Vladimir Putin rejects a proposed peace agreement with Ukraine.
Brent for February settlement climbed 1.8% to $59.99 a barrel at 9:12 a.m. in London.
WTI for January delivery gained 2% to $56.34 a barrel.
Source : Bloomberg.com