Brent crude oil futures surged 1.6% to $81 per barrel on Monday, the highest level in more than four months, as new US sanctions on Russia’s energy sector raised concerns about supply disruptions. These sanctions, the most sweeping yet, targeted major exporters, insurers, and over 150 tankers, leaving key buyers like India and China scrambling for alternatives. The move has already caused confusion, with Chinese refiners holding emergency meetings and Indian refiners preparing for months of potential disruption. Early signs of disruption include sanctioned tankers stuck off China, with analysts estimating up to 800,000 barrels per day of Russian oil could be impacted, though the actual loss may be lower. Adding to the rally are falling US stockpiles, colder weather, and speculation that the incoming Trump administration may tighten sanctions on Iran.
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