Oil prices jumped nearly 2.5% on Thursday, continuing gains from the previous session amid renewed concerns over supplies after the United States imposed sanctions on Russia’s major oil companies, Rosneft and Lukoil, over the conflict in Ukraine.
اضافة اعلان
Brent crude futures rose by $1.56, or 2.49%, to $64.15 per barrel by 03:03 GMT, while West Texas Intermediate (WTI) futures gained $1.53, or 2.62%, to $60.03 per barrel.
The U.S. signaled readiness to take further measures and urged Moscow to immediately agree to a ceasefire in Ukraine. President Donald Trump had resisted months of congressional pressure to impose sanctions on Russia’s energy sector, hoping Russia would agree to end the fighting. However, with no end in sight, he decided the time had come.
Last week, the UK imposed sanctions on Rosneft and Lukoil, and separately, EU member states approved the 19th package of sanctions against Russia, which includes a ban on Russian liquefied natural gas imports.
Market analyst Brianka Sashdeva from Philip Nova said: “The new sanctions imposed by President Trump on Russia’s largest oil companies aim to choke the Kremlin’s revenues that fund the war, a move that could reduce actual Russian oil barrel flows.”
Immediately following the U.S. sanctions announcement, Brent and WTI futures jumped more than $2 per barrel, also supported by a sudden drop in U.S. inventories.
However, market skepticism about whether the sanctions will materially alter supply limited further gains. (Reuters)
