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As the US Slaps Broad Sanctions on Russia’s Energy Industry, Crude Prices Rise

On Friday, the U.S. Treasury Department issued broad sanctions against Russia’s energy industry, which caused oil prices to soar.

While U.S. crude oil rose $2.65, or 3.58%, to close at $76.57 a barrel, Brent climbed $2.84, or 3.69%, to conclude at $79.76 annually. Brent hit a session high of $80.75 earlier in the day, breaking $80 per barrel for the first time since October.

In addition to more than 180 tankers, the sanctions target more than a dozen Russian energy authorities and executives, as well as the Russian oil giants Gazprom Neft and Surgutneftegas and their subsidiaries.

Gazprom Neft CEO Aleksandr Valeryevich Dyukov is one of the executives who have been sanctioned.

Source (CNBC)

SourceCNBC
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