Oil Extends 4-Week Win Streak as Russian Sanctions Reshape Trade

Oil futures are poised for their fourth straight week of gains, with WTI crude targeting a 2.6% weekly increase despite a minor 0.2% dip to $78.56 per barrel on Friday. The recent rally has been driven by the Biden administration’s broader sanctions against Russia’s energy sector, which targeted additional producers, over 180 vessels, and oilfield-service providers. These measures have prompted major buyers like India and China to seek alternative suppliers, while additional sanctions on Iran’s shadow fleet could impact up to 500,000 barrels of daily crude supply. Market attention is now shifting to President-elect Trump’s upcoming energy policies, with analysts suggesting he might use sanctions as a negotiating tool rather than risk triggering higher oil prices.



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