Recording its highest level in 4 months… Oil prices are rising

January 14, 2025


Oil prices rose for the third day in a row, today, Monday, as the price of Brent crude exceeded $80 per barrel, recording its highest level in more than 4 months, thanks to expectations of the impact of major US sanctions on the Russian oil sector and the expected effects on oil exports to China and India, which are… One of the largest importers of raw materials.








Brent crude futures rose 71 cents, or 0.9 percent, to $80.47 per barrel by 14:24 GMT, after recording the highest level during the day at $81.68, the highest since August 27.

US West Texas Intermediate crude increased 94 cents, or 1.2 percent, to $77.51 per barrel after touching the highest level at $78.58, the highest price since August 15.

Brent and West Texas Intermediate crude oil jumped by about six percent since January 8, then rose after the US Treasury Department imposed new sanctions on the Russian oil producers “Gazprom Neft” and “Surgutneftegaz,” in addition to 183 tankers working in shipping Russian oil, which It targets revenues used by Moscow to finance the war in Ukraine.


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