Oil Prices Rise Following U.S. Sanctions and Decline in Stockpiles

New U.S. sanctions on Russian oil and falling domestic crude inventories contribute to supply concerns and price increases.

Brent crude reached $82.33 per barrel, its highest since July 2024, while U.S. WTI crude climbed to $80.36 per barrel, driven by supply fears.
U.S. crude oil stockpiles fell for the seventh consecutive week, marking the longest streak of declines since 2021, according to the Energy Information Administration.
The latest U.S. sanctions target over 160 Russian tankers and entities, potentially disrupting a significant portion of Russian oil exports, per the International Energy Agency.
China and India, Russia's largest oil buyers, are reportedly seeking alternative suppliers, adding short-term pressure on global oil markets.
Analysts remain cautious about the longevity of the price rally, with forecasts of oversupply and muted demand growth potentially softening prices in 2025 and 2026.