Oil prices climbed for the third consecutive session in Asian trading on Thursday, with Brent crude reaching its highest level since late August. The rise follows the announcement of expanded US sanctions targeting Russian oil exports to key markets such as China and India, according to Reuters.
Key Figures
- Brent crude gained $1.48, or 1.86%, reaching $81.24 per barrel — its highest since August 27.
- West Texas Intermediate (WTI) rose $1.53, or 2%, to $78.10 per barrel.
Market Dynamics
Since January 8, both benchmarks have surged more than 6%, with prices accelerating after the US Treasury Department announced new sanctions on Friday.
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The measures target vessels transporting approximately 1.5 million barrels of Russian oil daily, including shipments of 750,000 barrels to China and 350,000 to India.
Implications
Analysts predict these sanctions will compel China and India to source additional oil from Middle Eastern and American suppliers. The shift in trade flows is expected to tighten global supply and exert upward pressure on prices.
The developments highlight the geopolitical and economic ripple effects of energy sanctions as global markets react to evolving trade dynamics.