Oil Prices Jump to 4-Month High on Fresh U.S. Sanctions

Crude oil prices started the week with a gain that pushed Brent crude to the highest in four months following the introduction of a fresh package of sanctions against Russia by the Biden administration. The sanctions focused on Russia’s oil industry. At the time of writing, Brent crude was trading at $81.11 per barrel, with West Texas Intermediate at $78.08 per barrel, both up by over 1% since opening today. The latest sanction package, reported to be the harshest yet, the U.S. Treasury imposed sanctions on Gazprom Neft and Surgutneftegaz,…