Oil Prices Rise Amid U.S. Sanctions on Russia

Oil prices are poised for a fourth consecutive weekly gain, driven by the impact of recent U.S. sanctions against Russian energy trade, which have raised supply concerns. Brent crude futures rose to $81.60 per barrel, while West Texas Intermediate (WTI) reached $79.17, marking weekly gains of nearly 2.5% and 3.6%, respectively. Analysts suggest that the sanctions, targeting Russian oil producers and tankers, have pushed major buyers like China and India to seek alternative supplies, thus driving up shipping costs. Additionally, there are expectations of a recovery in demand, bolstered by potential U.S. interest rate cuts amid easing inflation. The overall sentiment in the crude market remains bullish, influenced by geopolitical tensions and seasonal demand shifts. As traders anticipate the incoming Trump administration’s potential sanctions strategies, further supply disruptions could shape future oil prices.