RoydadNaft –  The price of each barrel of Brent crude oil rose by 11 cents, or 0.14%, to $80.03 today.

According to Oil Event, quoting Reuters, oil prices increased during Wednesday’s trading session. The potential disruption of Russian oil supply following new U.S. sanctions on Russian oil tankers has been one of the main factors driving oil prices higher.

Brent crude rose by 11 cents, or 0.14%, to $80.03 per barrel. Meanwhile, West Texas Intermediate (WTI) crude increased by 23 cents, or 0.30%, to $77.73 per barrel.

A report from the U.S. Energy Information Administration (EIA) indicating a surplus in oil production over the next two years, surpassing demand, had slightly lowered prices yesterday. However, the primary driver of prices at the moment is the Russian oil sanctions.

The main question remains how significantly Russia’s oil supply to the global market will be impacted and whether an alternative source can be found to compensate for any shortages.

Additionally, a report by the American Petroleum Institute (API) on Tuesday, which showed a decline in U.S. crude oil inventories—the world’s largest oil consumer—has provided some support for prices.

Despite an increase of 600,000 barrels in crude oil inventories at the Cushing, Oklahoma storage hub, overall inventory levels remain critically low. Cushing is the delivery point for WTI crude oil futures contracts.

The American Petroleum Institute reported a 2.6-million-barrel decline in U.S. crude oil inventories for the week ending January 10. Moreover, gasoline inventories rose by 5.4 million barrels, and distillate stocks, including diesel and heating oil, increased by 4.88 million barrels.

Analysts had expected U.S. crude inventories to rise by 1 million barrels during this period.

The EIA forecasts that global oil demand will average 104.1 million barrels per day this year, while oil supply is expected to reach 104.4 million barrels per day.

The agency estimates that Brent crude oil prices will decrease by 8% this year, averaging $74 per barrel, and will trade around $66 per barrel in 2026. WTI crude prices are expected to average $70 per barrel in 2025 and approximately $62 per barrel in 2026.