Russia’s oil sanctions brought the price of Brent to the threshold of 82 dollars
reported by Mehr Reporter Following the increase of concerns about the disruption in the global supply and the continuous reduction of US crude oil reserves, the price of Brent oil in Thursday’s trading was close to It remained the highest level in the last six months. The extensive sanctions of the United States against the Russian energy industry have brought new shocks to the global markets.
The global oil market has faced important developments in recent days. New U.S. sanctions against the Russian tanker fleet and a historic drop in U.S. crude inventories to their lowest level since April 2022 have complicated the situation for traders. On the other hand, the suspension of shipments to the coast of China and India’s attempt to quickly settle oil contracts with Russia are signs of major changes in the global oil supply chain. These developments have kept Brent oil prices close to $82 per barrel and have increased pressure on energy markets.
West Texas Intermediate (WTI) crude oil
WTI crude oil futures rose above $80 a barrel on Thursday, after a 3 percent jump in the previous session to a record high. It has arrived since the middle of July last year (2024). This price increase is due to growing concerns about global supply risks. The International Energy Agency (IEA) has predicted that the oil market will be slightly tighter this year than previously expected, and has also pointed to new US sanctions against Russia and Iran that could put further pressure on the supply balance.
Data from the U.S. Energy Information Administration (EIA) also showed that commercial crude oil inventories fell for the eighth straight week and fell to their lowest level since April 2022. This is the longest period of inventory decline since 2021, and inventories are now at their lowest seasonal level in six years.
Meanwhile, OPEC has confirmed its forecast for global oil demand to increase by 1.43 million barrels per day in 2026, indicating steady growth from 2025. On the other hand, Hamas reached a cease-fire agreement and hostage exchange on Wednesday, which ended the 15-month conflict in Gaza and reduced supply risks in the region.
Brent crude oil
Brent crude oil futures were steady just below $82 a barrel on Thursday, after jumping 2 .6 percent in the previous session and are still near six-month highs, while concerns about global supply disruptions and continued drawdown of US crude inventories are rising. US sanctions against the Russian energy industry have shaken markets, and the International Energy Agency (IEA) has warned that the sanctions will have a severe impact on Russian supply chains.
Russian oil buyers are shifting their sources, while shipments from China’s coast have been halted as traders struggle to adapt to the restrictions.
Indian refiners are rushing to settle oil deals with Russia. The U.S. has sanctioned 160 tankers linked to Russian oil, leading to a 1.6 million bpd drop in oil supplies, while U.S. inventories fell to their lowest level since April 2022.
Global price of oil and energy today, Thursday, January 27, 1403
The table below shows the latest global price of oil and other forms of energy in one frame.
