Oil prices have risen by 5% after the sanctions imposed by the USA against the Russian energy giants, Rosneft and Lukoil, in response to the war in Ukraine.

Oil prices recorded a significant increase of approximately 5% on Thursday, reaching the highest levels in the last two weeks, as a result of the sanctions imposed by the United States against the Russian energy companies Rosneft and Lukoil. The price of Brent crude rose by 5.50%, reaching $66.03 per barrel, while the American West Texas Intermediate (WTI) increased by 5.73%, to $61.85 per barrel. These sanctions are considered an escalation of pressure on the Russian energy sector and could lead to a shortage in the global oil market next year.

Additionally, futures contracts for diesel in the U.S. rose by nearly 7%, which brought refining margins to their highest level since February 2024. The sanctions are forcing major buyers of Russian oil, such as China and India, to seek alternative suppliers to avoid exclusion from the Western banking system, which has led to the suspension of maritime purchases of Russian oil by major Chinese producers. OPEC has stated it is ready to compensate for any production losses, and Russia has emphasized the difficulty in quickly replacing Russian oil. The impact of the sanctions will depend on India's reactions and Russia's ability to find new buyers, considering that a significant reduction in Indian imports could destabilize global trade flows.