Brent Hits Four-Month High Amid Tightening US Sanctions On Russian Oil

by THEFUTURE.TEAM

January 13, 2025

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.

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Cyprus Fuel Prices Drop 7.9% In July, Among EU’s Largest Declines

by THEFUTURE.TEAM

August 25, 2026

Cyprus Among EU Leaders In Monthly Fuel Price Declines

Cyprus recorded some of the largest monthly fuel price declines in the European Union. Diesel prices fell 7.9% in July, the sharpest monthly decrease in the bloc, followed by Sweden at 7.4% and Ireland at 6.4%.

Petrol prices also declined sharply in Cyprus, with the country recording the second-largest monthly drop after Sweden, where prices fell 11.1%.

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Annual Fuel Costs Remain Above 2025 Levels

Despite the monthly decline, fuel remains significantly more expensive than a year earlier. In June 2026, the cost of fuels and lubricants for personal transport in Cyprus was 18.6% higher than in June 2025, placing the country among the EU members with the largest annual increases.

Across the EU, the annual increase slowed from 20.7% in May to 13.7% in June before rising to 16.9% in July. Monthly declines therefore have not yet brought fuel costs back to 2025 levels.

Fuel Costs Continue To Affect Businesses

Lower prices in July reduced some of the pressure on households after months of higher fuel costs. Businesses that rely on road transport remain more exposed to the annual increase, which can affect logistics and operating costs.

Cyprus therefore recorded a sharp monthly decline while still facing one of the larger year-on-year increases in the EU.

Cyprus Ranks Among EU Countries With Lowest Fuel Prices

Weekly data from the European Commission’s Weekly Oil Bulletin showed average prices in Cyprus at €1.56 per litre for 95-octane unleaded petrol and €1.70 for diesel at the beginning of August.

Using data with a reference date of Aug. 17, Cyprus had the fifth-lowest petrol price among the EU’s 27 countries. Diesel prices were also the fifth-lowest in the bloc.

The July decline has reduced fuel prices in Cyprus, but costs remain above their levels a year earlier.

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