The price of Brent futures rose by $1.25 to settle at $81.01 per barrel and US West Texas Intermediate (WTI) crude increased by $2.25 to settle at $78.82, according to a report by Reuters. The sanctions announced by the US on Russia's energy trade are expected to disrupt Russia's exports of petroleum, potentially reducing a predicted supply surplus of almost 1 million barrels per day this year. The Kremlin has stated that the measures risk destabilising global markets and will take steps to mitigate their impact. However, as domestic providers account for around 85% of the Russian oil-drilling market, the sanctions are unlikely to have an immediate effect on Russia's ability to pump crude.
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