Brent rises nearly 3% following intensified US Sanctions on Russia

Oil prices surged by nearly 3%, reaching their highest levels in three months, driven by supply concerns after the US administration intensified sanctions targeting Russia’s oil production and exports.

The International benchmark Brent crude rose by 2.7% to $79.02 per barrel by 9.13 p.m. local time (1813 GMT) on Friday, marking its highest level in three months. At the same time, West Texas Intermediate (WTI) crude was trading at $75.42 per barrel.

The US Department of the Treasury stated that comprehensive measures were taken to fulfill the G7 commitment to reduce Russia’s energy revenues, including adding Gazprom Neft and Surgutneftegas, two of Russia’s largest oil producers and exporters, along with their affiliates, to the sanctions list.

The statement also mentioned that over 30 Russian oil field service providers were added to the sanctions list, and several high-ranking Russian energy officials and executives, including top managers of Russian oil producers, were targeted by the sanctions.

US Secretary of the Treasury Janet Yellen emphasized that these sanctions were aimed at countering Russia’s largest source of revenue, which is used to finance its ‘brutal and illegal’ war against Ukraine.

Meanwhile, according to the US Department of State, around 80 entities and individuals involved in liquefied natural gas (LNG) production and export activities were also sanctioned under the latest measures against Russia.

• LNG
• Oil Prices
• The international benchmark Brent crude
• US Secretary of the Treasury Janet Yellen