A view of offshore oil and gas platform Esther in the Pacific Ocean on January 5, 2025 in Seal Beach, California.
Mario Tama | Getty Images
Oil prices jumped more than 3% on Friday as the U.S. Treasury Department on Friday announced sweeping sanctions against Russia’s oil industry.
Brent gained $2.82, or 3.67%, to $79.74 per barrel by 10:32 a.m. ET, while U.S. crude oil advanced $2.89, or 3.91%, to $76.81 per barrel.
The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas, more than 180 tankers, and more than a dozen Russian energy officials and executives. The sanctioned executives include the CEO Gazprom Neft Aleksandr Valeryevich Dyukov.
“Perceptions are that Indian and Chinese refiners will be forced to scramble for Middle East barrels,” Bob Yawger, executive director of energy futures at Mizuho Securities, told clients in a note.
Brent crude futures, 1 year
This is a developing story. Please check back for updates.
