RoydadNaft –  According to a report by Roydad Naft, citing Reuters, oil prices rose on Monday, reaching a four-month high. This increase is attributed to anticipated U.S. sanctions impacting Russian crude oil exports to major buyers like China and India.

Brent crude rose by $1.14 (1.43%) to $80.90 per barrel, marking its return to the $80 range after four months. Similarly, West Texas Intermediate (WTI) crude increased by $1.24 (1.62%) to $77.81 per barrel.

Both Brent and WTI have seen prices climb by over 6% since January 8, following new U.S. Treasury sanctions on Russian oil producers such as Gazprom Neft and Surgutneftegaz, as well as 183 tankers transporting Russian oil. These measures aim to reduce Moscow’s revenue for its conflict with Ukraine.

Analysts believe these sanctions will significantly disrupt Russian oil exports, prompting China and India—the world’s largest and third-largest oil importers—to seek more shipments from the Middle East, Africa, and the Americas. This shift is expected to drive up oil prices and shipping costs.

The sanctions target tankers that, in 2024, transported 1.5 million barrels per day of Russian seaborne crude, affecting 750,000 barrels per day of exports to China and 350,000 barrels per day to India. Many of these vessels have also carried Iranian oil, which is under U.S. sanctions.