Oil prices have climbed as fresh U.S. sanctions targeting Russia’s energy exports tightened global supply, lifting Brent crude futures to their highest level in weeks.
Brent crude rose 1.8% to $65.21 a barrel, while U.S. West Texas Intermediate (WTI) gained 1.7% to $61.16, as traders assessed the impact of new American measures restricting Russian oil companies’ exports.
The sanctions, aimed at curbing Moscow’s revenues amid continued geopolitical tensions, have hit key producers Rosneft and Lukoil, disrupting Russian shipments and prompting trading partners to reconsider their exposure.
India and China — traditionally among Russia’s largest oil customers — have reportedly reduced crude trading volumes as both nations pursue closer trade relations with the United States. The sanctions’ reach was underscored after Lukoil declared force majeure at its West Qurna 2 field in Iraq, signaling that restrictions are beginning to affect its international operations.
In Europe, the pressure intensified as Bulgaria approved legislation allowing the government to assume temporary control of Lukoil’s local refinery, citing national security concerns. Authorities introduced additional protection around refinery sites following the move.
