Overview

• 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.