Brent crude rose more than 2% to $81.50 a barrel on Monday (13/1), its highest in more than four months, as new U.S. sanctions on Russia's energy sector raised concerns about supply disruptions.
The sanctions, the most extensive yet, target major exporters, insurers and more than 150 tankers, sending major buyers such as India and China scrambling for alternatives. The move has caused confusion, with Chinese refiners holding emergency meetings and Indian refiners bracing for months of potential disruptions.
Early signs of disruptions include sanctioned tankers stuck off the coast of China, with analysts estimating up to 800,000 barrels of Russian oil a day could be affected, though the actual losses may be lower. Adding to the rally are falling U.S. stockpiles, colder weather and speculation that the incoming Trump administration could tighten sanctions on Iran. (AL)
Source: Trading economics
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