Uncertainty about the impact of sanctions limited the rise in oil prices – Reuters

Oil prices rose on Wednesday as the market focused on potential supply disruptions from sanctions on Russian tankers, although gains were tempered by a lack of clarity on their impact. UNN with reference to Reuters.

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Brent crude futures rose 16 cents, or 0.2%, to $80.08 per barrel at 12:50 GMT (14:50 Kyiv time). US West Texas Intermediate crude rose 26 cents, or 0.34%, to $77.76.

The latest package of US sanctions on Russian oil could significantly disrupt the supply and distribution of Russian oil, the International Energy Agency (IEA) said in its monthly oil market report on Wednesday, adding that “the full impact on the oil market and on access to Russian supplies is uncertain.” .

Concerns about the new sanctions package appear to be supporting prices, along with the prospect of a drawdown in U.S. inventories for the week, said Ole Hansen, head of commodity strategy at Saxo Bank.

“It appears that tankers carrying Russian oil are struggling to unload their cargoes around the world, potentially causing some short-term shortages,” he added.

The key question remains how much Russian supply will be lost to the global market and whether alternative measures can make up for the shortfall, said IG market strategist Yip Jun Rong.

OPEC, meanwhile, expects global oil demand to rise by 1.43 million barrels per day in 2026, maintaining growth rates similar to those seen in 2025, the producer group said on Wednesday.

The 2026 forecast is in line with OPEC’s view that oil demand will continue to grow over the next two decades. This contrasts with the IEA, which expects demand to peak this decade as the world transitions to cleaner energy.

The market also found some support in a drop in US crude inventories last week, market sources said, citing data from the American Petroleum Institute (API) on Tuesday.

Brent crude is forecast to fall 8% to average $74 a barrel in 2025 and fall to $66 in 2026, while WTI is forecast to average $70 in 2025 and fall to $62 dollars in 2026, the publication writes.

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