Brent Crude Oil hit $80 a Barrel on Friday, the highest since October 2024.
This marks an increase of over 3% from the previous day.
The price of Brent had hovered around $74-$77 since it dropped from above $80 in October.
Today, oil prices broke the $80 barrier, driven by concerns over potential US sanctions on Russian oil exports. This concern is backed by a U.S. treasury document quoted in a Reuters report
A purported U.S. Treasury documents circulating among oil traders in Europe and Asia suggest that the United States will impose some of the harshest sanctions yet on Russia’s oil industry.
China had rebuffed the U.S. government saying it doesn’t have the right to unilaterally impose sanctions on other countries.
Similar strict sanctions had been handed to Iran and it currently struggles to sell its oil through shadow fleets and cargos.
The US Treasury reportedly plans to permit a transitional period until March 12, enabling the completion of certain energy-related transactions.
Indian oil refineries will avoid accepting Russian oil shipments transported on sanctioned tankers or vessels insured by Russian insurance companies facing sanctions, a source told Reuters.
Oluwatobi Odeyinka is an Editorial Analyst covering energy, manufacturing and agriculture. He has years of experience as a freelance Journalist telling stories around public accountability, social justice and development.
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