Oil prices soar past $80 a barrel due to sanctions on Russia and increased cold weather demand.

Oil prices surged past $80 a barrel, reaching a three-month high, amid concerns over potential supply disruptions from new US sanctions on Russian oil companies and tankers. The sanctions aim to disrupt Russia's oil exports, particularly to India and China, while cold weather in the US and Europe has increased demand for heating oil. Despite a strengthening US dollar, which typically dampens oil prices, Brent crude and US West Texas Intermediate crude have risen by over 4%, driven by fears of supply tightness and rising demand.

2 months ago
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