EMEA News
Brent Crude Futures Jump Above $80/Bl for First Time in Six Months
Brent crude futures have risen again on Monday morning, jumping above $80/bl again for the first time since July.
ICE March Brent futures stood at $81.22/bl as of 5:44 AM in London on Monday, up by $1.46/bl from Friday's close. On Friday the contract had gained $2.44/bl on the day.
Prices have risen in reaction to the US imposing fresh sanctions against Russia for its ongoing hostilities against Ukraine.
The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas and their subsidiaries, over 180 tankers, and Russian energy officials and executives.
Anas Alhajji, managing partner at Energy Outlook Advisors, said on Friday that the US's new sanctions will severely disrupt Russian oil exports, and that 'India and China (are) scrambling right now to find alternatives'.
