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Oil prices jump as U.S. imposes sweeping sanctions against Russia oil industry

10 January 2025
in World
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Oil prices jump as U.S. imposes sweeping sanctions against Russia oil industry
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Oil prices surged on Friday following the U.S. Treasury Department’s announcement of extensive sanctions against Russia’s oil industry. Brent rose by 2.5% to $78.84 per barrel, while U.S. crude increased by 2.56% to $75.81 per barrel, with Brent hitting a high of $80.75. The sanctions target Russian oil companies, tankers, and energy officials, including Gazprom Neft CEO Aleksandr Valeryevich Dyukov, in an effort to cut off funding for Russia’s actions in Ukraine.

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Tags: Breaking News: Marketsbusiness newsICE Brent Crude (Apr'23)imposesIndustryInvestment strategyjumpMarketsNatural Gas (Mar'23)oilOil and GaspricesRBOB Gas (Mar'23)RussiasanctionssweepingU.SUnited StatesWTI Crude (Mar'23)
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