…Brent crude futures traded nearly 4% higher at $89.4 per barrel after Thursday’s sanction by the U.S on two shipping companies
FRI, OCT 13 2023-theGBJournal| Oil prices rose by more $3 Friday, pushed by signs that the U.S. is set to step up its sanctions action against both Russia and Iran.
Brent crude futures traded nearly 4% higher at $89.4 per barrel after Thursday’s sanction by the U.S on two shipping companies that it said violated oil price cap set by an international coalition (the Price Cap Coalition) that comprises the G7, the European Union, and Australia, while carrying Russian crude oil.
”“Today’s action demonstrates our continued commitment to reduce Russia’s resources for its war against Ukraine and to enforce the price cap,” said Deputy Secretary of the Treasury Wally Adeyemo.
“We remain committed to implementing a price cap policy that has two goals: reducing the oil profits upon which Russia relies to wage its unjust war against Ukraine and keeping global energy markets stable and well-supplied despite turbulence caused by Russia’s unprovoked invasion of Ukraine. We will continue to take actions to achieve these two goals.”
The EU, G7 and Australia put a $60-per-barrel price cap on Russian oil on December 5, 2022. It came alongside a move by the EU and U.K. to impose a ban on the seaborne imports of Russian crude oil.
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