Brent extends gains to above $79.50 on further Russian sanction talk

There are some sourced reports floating around the markets this afternoon, citing documents to be revealed later today outlining further sanctions against oil imports from Russia. The detail or even existence of those reports cannot be confirmed here, but the chatter about this around the markets has been enough to push oil prices higher again. So, now the price of Brent crude for March delivery has lifted above $79.50 per barrel. Look, it was heading that way anyway, but this news has merely helped to propel the trend higher and perhaps faster than might have otherwise been the case. The high seen on March Brent now today has been set at $79.75. It is trading right now at $79.59