Crude oil prices surge on US sanctions, tight stockpile forecasts
Oil prices leapt more than $3 on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, with global inventories forecast to decline through the fourth quarter.
Brent futures rose $3.30 to $89.30 per barrel as of 1311 GMT. US West Texas Intermediate (WTI) crude gained $3.32 to $86.23 a barrel, after earlier breaking the $4 barrier.
On Thursday, the U.S. imposed the first sanctions on owners of tankers carrying Russian oil priced above the G7’s price cap of $60 a barrel, to close loopholes in the mechanism designed to punish Moscow for its invasion of Ukraine.
