New U.S. sanctions targeting Russia’s largest crude companies, citing a lack of commitment to peace in Ukraine, caused oil prices to surge. Brent crude rose nearly 3% to $64.42 per barrel, and U.S. crude gained 2.97% to $60.24. Analysts suggest the move aims to cut Kremlin war revenues, potentially tightening physical flows and shifting Asian demand towards U.S. crude.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets