The size and scope of new U.S. sanctions on Russia sent oil prices spiking on Monday, and both Brent and WTI have retained most of those gains.
Oil prices were down slightly on Tuesday morning but remained elevated on the back of U.S. sanctions on Russia which caused prices to spike on Monday.- The US Department of Treasury implemented its most sweeping round of sanctions as it OFAC-listed 183 individual oil tankers, doubling the list of ships heretofore targeted by the US, UK, and the European Union.
The European Union intends to let its 180 per MWh natural gas price cap expire as scheduled at the end of this month, first introduced in December 2022 to limit soaring gas prices but now no longer deemed necessary as TTF trends around 50 per MWh. Ukraine Drones Target Key Pipeline Compressor. The Russian Defence Ministry stated that Ukrainian drones attacked the Russkaya compressor station in the south of the country, incurring minor damage to the 31.
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