The North Sea Brent crude oil, a European benchmark, closed the session at the Intercontinental Exchange trading 2.84 dollars above the 76.92 with which it closed transactions on Thursday. The sharp appreciation of Brent, which reached above 80 dollars during the day, follows the announcement by US President Joe Biden, together with the United Kingdom, of the most significant sanctions pact against the Russian Federation and its gas and oil industry since it invaded Ukraine. Specifically, it sanctioned two of the largest Russian oil producers and exporters: Gazprom Neft, the third largest Russian oil company, and Surgutneftegas.
The surge in Brent prices was also contributed to by the severe cold wave in the US and Europe, which is leading to increased demand for heating fuels and their respective prices.
