Oil Prices Rally As The U.S. Enforces Sanctions On Russian Exports

Oil prices jumped by nearly 4% early on Friday after the United States took a tougher stance on the Western sanctions against Russia, adding to growing concerns about supply amid fears of escalation in the Hamas-Israel war. As of 7:00 a.m. EST, the U.S. benchmark WTI Crude was up by 3.63% on the day at $85.95, and the international benchmark, Brent Crude, traded 3.50% higher at $88.99. Both benchmarks were headed for a weekly gain after the Hamas attack on Israel pushed prices higher on Monday. But fears of economic slowdown and a build in U.S.…