Tougher US sanctions on Russia’s oil industry have driven up global oil prices, with Brent hitting $81 per barrel, its highest point in over four months.
On Monday, Brent crude rose by $1.47, or 1.84%, while US crude (WTI) increased by $1.55, or 2.02%. The surge comes after the US Treasury imposed further sanctions on Russian oil producers, including Gazprom Neft and Surgutneftegas, as well as 183 vessels involved in transporting Russian oil.
These measures are expected to disrupt Russian oil exports, pushing major buyers like China and India to seek alternative supplies, driving prices higher and raising transportation costs. The fallout from these sanctions could put additional strain on global energy markets.
