Oil prices hit session highs as the US is reportedly preparing new sanctions against Russia if Moscow rejects a plan to end the war in Ukraine.
Brent crude futures rose 2.4% to above $60 a barrel. Prices had previously risen after President Donald Trump increased pressure on Venezuela by ordering a blockade of sanctioned tankers.
The US is considering options such as targeting vessels in a so-called shadow fleet of tankers used to transport Russian oil, as well as traders who facilitate those transactions, according to people who spoke on condition of anonymity to discuss private considerations. Such measures are being prepared if President Vladimir Putin rejects a proposed peace agreement with Ukraine.
Brent crude for February delivery rose 1.8% to $59.99 a barrel at 9:12 a.m. in London.
WTI crude for January delivery rose 2% to $56.34 a barrel.
Source: Bloomberg.com
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