Singapore,
Oil prices today hit their highest level in more than three months, extending their rally on expectations that wider US sanctions will affect Russian crude supplies to the world’s top and third largest importers China and India.
Brent crude futures climbed $1.35, or 1.69%, to $81.11 a barrel after hitting an intraday high of $81.44, the highest since 27 August 2024.
US West Texas Intermediate crude rose $1.40, or 1.83% to $77.97 a barrel after touching a high of $78.32, the loftiest price since Oct. 8.
The US Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels that have shipped Russian oil.
