Brent Crude Tops $79 as U.S. Plans Sanctions on Russian Oil Firms and 180 Tankers

Jan 10, 2025, 12:19 PM

Oil prices jumped more than 3% on Friday, with Brent crude surpassing $79 per barrel, amid reports that the U.S. Treasury is set to announce new sanctions against Russian oil companies, vessels, and traders. According to documents seen by Reuters and industry sources, the sanctions are expected to target over 180 tankers transporting Russian oil, Russian ship insurers Ingosstrakh and Alfastrakhovanie, major Russian oil companies Gazprom Neft and Surgutneftegas, and dozens of oil traders. Indian refiners are preparing for significant disruptions in Russian oil supplies due to the anticipated sanctions. The U.S. Treasury is also expected to designate key executives, including Lukoil CEO Vorobyev, Surgut CEO Bogdanov, Gazprom Neft CEO Dyukov, and the son of former Lukoil CEO Alekperov, in the new sanctions package. The potential supply disruptions have led to a sharp increase in oil prices, with traders citing concerns over colder weather and further sanctions on Russia and Iran as contributing factors.