Oil price at four-month high

The price of oil is now at a four-month high. The United States tightened its oil-related Russian sanctions on Friday. The new sanctions hit Russian companies that drill for oil offshore. The companies are Gazprom, Oil and Surgutneftegas. Sanctions have also been tightened against tankers involved in the export of Russian oil and insurance companies involved in the supply chain.

According to market estimates, the tightened sanctions will make it difficult for Russia’s oil export trade. For example, oil refineries in India and China have to look for replacement suppliers.

The price of Brent reference oil already rose by about 3.7 percent on Friday. In the morning, the price of reference oil was up 1.9 percent at $81.26 per barrel. At its highest, the price has reached $81.68. The price is the highest for four months.

WTI oil futures were up 1.3 percent at $77.86 a barrel.