Oil prices soar after fresh US sanctions on Russian exports
Oil prices soared Monday, building on last week’s rally as markets reacted to the potential for significant supply disruptions following the United States' imposition of stringent sanctions on Russian oil exports.
At 08:20 ET (13:20 GMT), Brent Oil Futures jumped 1.4% to $80.86 a barrel, and Crude Oil WTI Futures expiring in March rose 1.4% to $76.77 a barrel.
On Friday, oil prices had rallied nearly 3% to their highest level in three months.
The Joe Biden administration introduced its most comprehensive sanctions package to date on Friday, aimed at cutting into Russia's oil and gas revenues, which are perceived to fund its ongoing conflict in Ukraine.
The US Treasury's latest measures target major Russian oil producers, including Gazprom Neft and Surgutneftegas, as well as 183 vessels involved in transporting Russian oil.
These developments are expected to significantly disrupt Russian oil exports, compelling major importers like China and India to seek alternative suppliers in regions such as the Middle East, Africa, and the Americas.
Source: Investing.com