Brent crude oil, the benchmark for Angola’s exports, surged 3.69% on Friday to close at $79.76 per barrel for March delivery on the London Futures Market, marking its highest level in three months.
The North Sea crude, a key reference for European markets, ended the session on the International Exchange at $79.76, up $2.84 from Thursday’s closing price of $76.92. During the session, Brent briefly exceeded $80 per barrel.
This sharp rise follows an announcement by U.S. President Joe Biden and the United Kingdom of the most significant sanctions package yet against Russia and its oil and gas industry in response to the invasion of Ukraine. The sanctions target two of Russia’s largest oil producers and exporters: Gazprom Neft, the country’s third-largest oil company, and Surgutneftegas.
Adding to the price increase is the severe cold wave affecting both the United States and Europe, driving up demand for heating fuels and consequently their prices.
