Oil Hits Five-Month High as US Sanctions on Russia Menace Supply
- Washington targets producers, exporters and slew of tankers
- Refiners in India and China struggle to assess impact of curbs
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Oil settled near $79 a barrel — a five-month high — as a fresh wave of US sanctions against Russia’s energy industry threatened to crimp supplies from one of the world’s top producers.
The US imposed its most aggressive and ambitious sanctions yet on Russia’s oil industry last week, targeting large exporters, insurance companies and more than 150 tankers. A group of European Union nations intend to follow suit by introducing further restrictions on natural gas and bolstering the enforcement of a price cap on oil.