Commodities
Oil Rises as Russia Sanctions Bolster Crude’s Hot Start to 2025
- Measures target country’s seaborne oil exports, tanker fleet
- Relative strength index signals futures are overbought
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Oil settled at a three-month high as the US ratcheted up sanctions against Russia, adding to a run of bullish developments that have propelled crude to a strong start to 2025.
Brent futures rose 3.7% to settle above $79 a barrel while West Texas Intermediate closed above $76. The sweeping sanctions target two firms that handle more than a quarter of Russia’s seaborne oil exports, as well as vital insurers and a vast fleet of tankers. Brent earlier surged 5% to top $80 as speculation about the measures rippled through the market.