Data from the U.S. Energy Information Administration (EIA)

Oil Prices Surge to 3-Month Highs on U.S. Sanctions Against Gazprom Neft and Surgutneftegas

Jan 10, 2025, 02:22 PM

Oil prices surged to their highest levels in three months, with Brent crude futures reaching $79.76 per barrel and WTI crude settling at $76.57 per barrel. This increase was driven by new U.S. sanctions targeting Russia's oil industry, which aim to reduce Moscow's energy revenue used to fund its war in Ukraine. The sanctions include measures against major Russian oil producers Gazprom Neft and Surgutneftegas, over 180 vessels, and maritime insurance providers. These actions have raised concerns about potential supply disruptions, contributing to the rally in oil prices. Additionally, cold weather and dwindling U.S. crude stockpiles have further supported the rise in oil prices.