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US sanctions send Brent above $81 per barrel
Earlier today Brent hit its highest level since July 2024. Brent for March delivery had risen to $80.75 on Friday, but then fallen back underneath $79. hitting a low at $78.44 right on the 4pm London FX fix. It then rebounded into the NYMEX settlement, ending the week on that index $2.84 higher, at $79.86. This was all due to the news the US is about to launch fresh sanctions on Russian exports that news has since been confirmed. The price action today has seen it push above $81 and reach a high earlier at $81.49. It has dropped back below $81 since, but overall the immediate trend continues to highlight the topside. Brent for March delivery is currently trading at $80.94
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