Oil Prices Remain Elevated After Russia Sanctions Sparked Supply Concerns

OilPrice · Michael Kern · last updated January 14, 2025 – 5:09 AM

Oil prices were down slightly on Tuesday morning but remained elevated on the back of U.S. sanctions on Russia which caused prices to spike on Monday.- The US Department of Treasury implemented its most sweeping round of sanctions as it OFAC-listed 183 individual oil tankers, doubling the list of ships heretofore targeted by the US, UK, and the European Union. - Up until now, OFAC had designated 39 tankers that carried Russian oil or products since it started its sanctioning spree in October 2023, with 33 penalized ships failing to lift cargoes…

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