At mid-day, the price of Brent from the North Sea, the reference in Europe, advanced around five percent, with the barrel quoted at 80.76 dollars for delivery in March, while the North American West Texas Intermediate (WTI) crude rose in a similar proportion, with the barrel at 77.86 dollars for delivery in February.
On Friday, the US Treasury Department announced a series of retaliations against two of Russia’s main hydrocarbon companies, Gazprom and Sourgoutneftegaz, as well as against some 200 oil and gas tankers operating from that Eurasian nation.
“The Treasury, in consultation with the State Department, issued a new resolution (…) prohibiting the provision of US oil services to persons residing in Russia, cutting off Russia’s access to US services related to the extraction and production of crude oil and other petroleum products,” the agency said in a statement.
The measures, which will come into effect on February 27, target both crude oil and liquefied natural gas and “we expect them to cost Russia billions of dollars per month,” US officials told reporters in Washington.
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