Oil prices rise another 1.5% due to sanctions against Russia

Oil prices rise another 1.5% due to sanctions against Russia

Oil prices jumped with 1.5% on Thursday, amid fears that crude supplies to the markets would be disrupted and supply would decline as demand has rebounded.

By 09:21 Moscow time, US West Texas Intermediate crude futures were up 1.52% to a total of $105.82 a barrel. Brent crude futures increased 1.47% to $111.85 a barrel, according to Bloomberg data.

The rise comes at a time when investors are assessing warnings from the International Energy Agency (IEA) that the global oil market could lose 3 million barrels per day as a result of a significant decline in Russian oil exports.

To address concerns, the statement followed reports of plans by the United States and IEA countries to release 240 million barrels of oil from strategic reserves to the market.

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