Oil prices rise after Trump announces sanctions against Russian giants Rosneft and Lukoil
Hectic Thursday for the price of oil. Brent crude oil, the benchmark in Europe, rises more than 3.5% after the United States announced last night sanctions against the two main Russian oil companies, Rosneft and Lukoil, due to the lack of commitment of Vladimir Putin’s government to a peace process that puts an end once and for all to the war in Ukraine. Thus, a barrel of Brent is priced above $64, returning to the levels recorded at the beginning of the month.
It is the third consecutive session of increases for the price of the raw material, very dependent on economic cycles, but also on geopolitical tensions. In the previous day, Brent oil rose more than 2% in price due to data on crude oil and gasoline inventories in the United States, which indicate that demand is increasing.
Meanwhile, a barrel of West Texas (WTI) also increases by about 3.8%, to $60.79. Its barrel had also risen more than 2% in price the previous day due to the possibility that The United States and India seal an agreement to reduce Indian imports of Russian oil.
Washington’s has not been the only movement in the direction of applying sanctions to Moscow. EU countries on Monday supported the veto of Russian gas imports from January 1 next year, alleging “force majeure” so that contracts with Moscow companies can be terminated. The proposed regulation introduces a gradual, legally binding ban on imports of pipeline gas and liquefied natural gas (LNG) from the country, which will come into full force from January 1, 2028.
