The global energy market is experiencing some significant shifts! Oil prices have risen sharply after the United States imposed fresh, sweeping sanctions on Russia's energy sector. Quite a dramatic turn of events!

On January 13, Brent crude futures rose by $1.35 to settle at $81.11 per barrel, hitting an intraday high of $81.44. This marked the highest level since August 2024. Meanwhile, the price of WTI crude added $1.40 to $77.97 per barrel and then peaked at $78.32, the highest since October last year.

The new US restrictions, which took effect on January 10, 2025, are among the toughest sanctions against Russian oil. Major companies such as Gazprom Neft, Surgutneftegaz, and numerous oil services firms have been targeted. Washington estimates that these measures could cost Russia billions of dollars each month.

Some commodity market participants, notably Hungary, are concerned about rising prices. The country continues to buy Russian oil and is prepared to negotiate with its allies to address this issue. Furthermore, some analysts warn of the potential for significant increases in gasoline and diesel prices in Central Europe.

The global geopolitical situation remains tense. Against this backdrop, the prospects for resolving commodity-related issues are still uncertain.