Oil Prices Skyrocket Amid New US Sanctions on Russia

In a dramatic turn of events, oil futures experienced a significant uptick this Friday. The surge was fueled by reports from Indian refining sources, indicating the US Treasury's plans to impose new sanctions. These sanctions aim at over 180 tankers transporting Russian oil and Russian insurance companies, with the goal of disrupting Russia's oil revenue.

West Texas Intermediate (WTI) for February deliveries witnessed a remarkable 4.03% increase, trading at $76.90 per barrel by 9:04 am ET. Shortly after, Brent crude for March settlements saw a 3.81% rise, reaching $79.79 per barrel.