Oil Prices Surge to Over Three-Month High on US Sanctions

New York: Oil prices hit their highest level in more than three months on Monday's open, extending their rally on expectations that wider US sanctions will affect Russian crude supplies to the world's top and third largest importers China and India. According to Qatar News Agency, Brent crude futures climbed $1.35, or 1.69%, to $81.11 a barrel after hitting an intraday high of $81.44, the highest since August 27. Similarly, US West Texas Intermediate crude rose $1.40, or 1.83% to $77.97 a barrel after touching a high of $78.32, the highest price since October 8. The US Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels that have shipped Russian oil. These sanctions are expected to impact the availability of Russian crude in the global market, potentially affecting supply dynamics to major importers like China and India.