Oil Markets React to New Sanctions

In a significant move, the United States and the United Kingdom have imposed new sanctions on Russian oil companies PJSC Gazprom Neft and Surgutneftegas. This action has sent ripples through the global oil markets, with crude prices witnessing a notable increase.

Impact on Oil Prices

West Texas Intermediate (WTI) for February's deliveries saw an improvement of 1.35%, reaching $77.68 per barrel by 7:03 am ET. Similarly, Brent for March settlements added 1.25%, selling at $80.85 per barrel. The White House anticipates that these sanctions will cost Moscow "billions of dollars per month," highlighting the significant financial impact expected from these measures.