MUSCAT : The sanctions sent ripples across international energy markets, prompting Chinese and Indian companies to reassess their imports of Russian crude. Brent crude futures surged by $3.40, or 5.4%, closing at $65.99 per barrel, while West Texas Intermediate (WTI) crude jumped $3.29, or 5.6%, to end the day at $61.79 per barrel.
The spike marked the highest settlement levels for both benchmarks since October 8, underscoring the market’s sensitivity to geopolitical developments. Analysts noted that the sudden move by Washington signals a renewed tightening of global energy supply just as winter demand begins to build.
U.S. officials said they are prepared to impose further measures if Moscow fails to agree to an immediate ceasefire in Ukraine. The sanctions follow similar steps by the United Kingdom last week targeting Rosneft and Lukoil, while the European Union recently approved its 19th round of sanctions, including a ban on imports of Russian liquefied natural gas (LNG).
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According to U.S. energy data, Russia remains poised to be the world’s second-largest crude oil producer in 2024, trailing only the United States.
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