Oil Prices Surge as US Tightens Sanctions on Russian Crude Exports

Oil prices rose nearly 4% on Friday after the US tightened sanctions against Russian crude exports, exacerbating supply concerns in an already tightly balanced energy market. The US imposed sanctions on two shipping companies that were said to have carried Russian crude priced above the $60/barrel price cap set by the G7 and other Western allies. The sanctions aim to reduce Russia's oil profits from the war in Ukraine while maintaining stable global energy supplies. Market participants are also monitoring the impact of the escalating Israel-Hamas conflict on regional energy production and seaborne trade routes in the Middle East.