Oil Prices Skyrocket 4.5% as U.S. Targets Russian Tankers

Oil prices are soaring this morning, with WTI hitting three month highs after reports that Indian oil refiners are bracing for new US sanctions that would hit flows from Russia. “Additional sanctions against the Russian oil and insurance industry has added further fuel to the fire, as it raises the prospect for lower supply during a period of strong winter-related demand,” said Ole Hansen, head of commodities strategy at Saxo Bank. While traders had tougher sanctions on their radar, the scale is considerably larger than expected. The…