A view of offshore oil and gas platform Esther in the Pacific Ocean on January 5, 2025 in Seal Beach, California.
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Oil prices jumped more than 3% on Friday as the U.S. Treasury Department announced sweeping sanctions against Russia’s oil industry.
Brent gained $2.82, or 3.67%, to $79.74 per barrel by 10:32 a.m. ET, while U.S. crude oil advanced $2.89, or 3.91%, to $76.81 per barrel.
The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas and their subsidiaries, more than 180 tankers, and more than a dozen Russian energy officials and executives. The sanctioned executives include Gazprom Neft CEO Aleksandr Valeryevich Dyukov.
The sanctioned vessels are mostly oil tankers that are part of Russia’s “shadow fleet” that has dodged existing sanctions on the country’s energy exports.
“The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine,” Treasury Secretary Janet Yellen said in a statement.
“With today’s actions, we are ratcheting up the sanctions risk associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports,” Yellen said.
Brent crude futures, 1 year
This is a developing story. Please check back for updates.