"U.S. Sanctions on Russian Crude Sales Drive Oil Prices Up by 4%"
Oil prices surged over 4% as the U.S. tightened sanctions on Russian crude exports, exacerbating supply concerns in an already tight energy market. The move follows the imposition of sanctions on two shipping companies that violated the G7's oil price cap, aimed at curbing Russia's war funding while maintaining a reliable supply of Russian flows. The escalating Israel-Hamas conflict also adds uncertainty to the market, although it has not yet directly impacted physical supply. The International Energy Agency assured that it is prepared to take action to ensure adequate supply in the event of a sudden shortage.