By Sama Marwan,
Oil prices surged on Friday, with Brent crude surpassing the $80-per-barrel mark for the first time since October, driven by concerns over new U.S. sanctions on Russia. Brent crude futures rose by $3.50, or 4.6%, to reach $80.42 per barrel by 14:22 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures gained $3.57, or 4.8%, to settle at $77.49 per barrel.
The price increase follows reports that the United States is preparing to impose new sanctions on Russia’s energy sector, targeting more than 180 oil tankers and maritime insurance companies. These sanctions are expected to impact Russian oil flows, raising concerns about global supply disruptions.
Additionally, there are expectations that the sanctions may extend to Iran, further escalating tensions in energy markets. Brent crude has already risen by more than 8% over the past three weeks, while U.S. crude recorded gains of about 9% during the same period.
It is worth noting that these developments come amid growing concerns about supply disruptions caused by tighter sanctions on both Russia and Iran, at a time when oil inventories remain low.
