💨 Abstract

Oil prices increased on Wednesday due to potential disruptions from U.S. sanctions on Russian energy companies and tankers transporting Russian oil. The International Energy Agency stated that these sanctions could significantly impact Russian oil supply and distribution, although the full extent is uncertain. Ole Hansen, head of commodity strategy at Saxo Bank, noted that tankers carrying Russian crude are facing difficulties offloading their cargoes worldwide, potentially causing short-term tightness in the market.

Courtesy: theprint.in