Oil Prices Continue to Rise as the U.S. Targets Russian Producers

Shortly after midnight GMT, U.S. WTI crude rose by 2.9% to $60.18 per barrel, while North Sea Brent increased by 2.8% to $64.35. Analysts suggest that U.S. sanctions against Russian groups highlight the White House's strategy to exert greater pressure on Moscow while anticipating a potential tightening of global supply. Kyle Rodda from Capital.com noted, "The U.S. has recently bolstered its strategic reserves, indicating that they expected such a development." Russia remains one of the top three oil producers globally, alongside the U.S. and Saudi Arabia, accounting for approximately 11% of world production. The new restrictions are expected to heighten tensions in the markets as Washington intensifies pressure on its European and Asian partners—particularly India and Japan—to reduce their imports of Russian hydrocarbons. This price surge occurs in an already volatile context, characterized by fragile global demand and ongoing geopolitical uncertainties surrounding the conflict in Ukraine.