Oil jumps 4.5% following new US sanctions on Russia
Oil prices jumped today, Thursday, following New US sanctions on Russian oil, while Washington threatened Moscow with more measures, calling on it to immediately agree to stop its war in Ukraine.
US President Donald Trump imposed sanctions on my company "Rosneft" and"Lukoil"; The two largest oil producing companies in RussiaIn the latest shift in its policy regarding Moscow’s war in Ukraine, which pushed global oil prices to rise by about 4.5%, and forced India to consider reducing its imports of Russian oil.
Oil prices jump 4.5%
Following the announcement of new US sanctions, Brent crude futures rose 4.3% to $65.30 per barrel by 08:41 GMT, while US West Texas Intermediate crude futures rose 4.4% percent to $61.06.
Blows continue on Moscow
Shaping revenues Oil and Gas, which is currently down 21% year-on-year, represents about a quarter of Russia’s budget and is the most important source of funding for its war in Ukraine, which has now entered its fourth year.
Britain has imposed sanctions on "Rosneft" and"Lukoil" Last week. In a separate context, European Union countries approved the 19th package of sanctions against Russia due to the war, which includes a ban on imports of liquefied natural gas.
Indian refineries are expected to sharply reduce their imports of Russian oil due to the new sanctions, according to Indian sources. "Reuters" Today, Thursday.
The impact of sanctions on global oil prices
The US Treasury has given companies until November 21 to end their dealings with Russian oil producers.
But the market remains skeptical about whether the US sanctions will lead to a fundamental shift in supply and demand.
Some analysts say that the new sanctions may force Russia to reduce its oil prices in Global markets more to compensate for losses caused by sanctions.
Rystad Energy analyst Claudio Galimberti said: "So far, most of the sanctions imposed on Russia over the past three and a half years have failed to affect the country’s production volumes or oil revenues".
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