Oil Prices Surge to $80 as Sanctions Target Russian Energy Sector

New U.S. and UK sanctions on Russian oil disrupt global markets, while cold weather and supply concerns drive demand higher.

Brent crude futures briefly hit $80 per barrel, the highest level since October 2024, before easing slightly later in the day.
The United States and United Kingdom announced sweeping sanctions targeting Russian oil companies, traders, and over 180 vessels involved in crude exports.
Cold weather across the U.S. and Europe has increased demand for heating fuels, further tightening supply in global oil markets.
Traders are anticipating potential additional sanctions on Iran as Donald Trump prepares to take office, adding to market uncertainty.
Analysts predict that while oil prices may remain volatile in the short term, broader market fundamentals could keep prices lower later in 2025.