Crude Prices Jump as U.S. Imposes Sweeping Sanctions Against Russia Oil Industry
Oil prices jumped on Friday as the U.S. Treasury Department announced sweeping sanctions against Russia’s oil industry.
Brent gained $2.84, or 3.69%, to close at $79.76 per barrel, while U.S. crude oil advanced $2.65, or 3.58%, to settle at $76.57 per barrel. The benchmarks closed at their highest levels since October.
The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas and their subsidiaries, more than 180 tankers, and more than a dozen Russian energy officials and executives. The sanctioned executives include Gazprom Neft CEO Aleksandr aleryevich Dyukov.
The sanctioned vessels are mostly oil tankers that are part of Russia’s “shadow fleet” that has dodged existing sanctions on the country’s energy exports, according to the Treasury Department.
Source : CNBC
