Oil jumps over 4% to above $80 on concern over more sanctions on Russia
Brent crude futures gained $3.50, or 4.6%, to $80.42 a barrel by 1422 GMT, reaching $80 a barrel for the first time since Oct.7. U.S. West Texas Intermediate crude futures advanced $3.57, or 4.8%, to $77.49.
The United States will impose some of the harshest sanctions on the Russian oil industry to date, designating 180 vessels, dozens of traders, two major oil companies and some top Russian oil executives, a document seen by Reuters said.
The document, purported to be from the U.S. Treasury, was being circulated among traders in Europe and Asia. Reuters could not verify the veracity of the document.
Ahead of U.S. President-elect Donald Trump's inauguration on Jan. 20, expectations have been mounting that President Joe Biden's administration will tighten sanctions against Russia and Iran, at a time when oil stockpiles remain low.
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