Oil-pumping units in Kazan, Russia. Photo: Getty
Reuters
Oil prices rose by around 5pc to a two-week high yesterday after the US imposed sanctions on major Russian suppliers Rosneft and Lukoil over Moscow’s war in Ukraine.
Sanctions against Russia could reduce the supply of oil available to global markets as Russia was the world’s second biggest crude producer in 2024 after the US, according to US energy data.
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