DTN Oil Update
Oil Prices Rise as US Weighs Additional Russia Sanctions
VIENNA (DTN) -- Oil futures rose Wednesday morning on reports the White House is considering additional sanctions on Russia in the wake of ramped-up attacks on Ukraine. Russian crude oil accounts for around 11% of global supply.
NYMEX-traded WTI for July delivery was up $0.97 barrel (bbl) to trade near $61.86 bbl, and ICE Brent for July delivery rose $0.94 bbl to $65.03 bbl.
June RBOB gasoline futures gained $0.0207 to $2.0922 gallon, while the front-month ULSD futures contract was up $0.0205 to $2.0999 gallon.
The U.S. Dollar Index strengthened by 0.310 points to 99.735.
CNN on Tuesday reported President Trump is considering additional sanctions on Russia, including secondary sanctions on buyers of Russian oil. A corresponding bipartisan Senate bill which sets a 500% tariff on imports from countries buying Russian energy products has so far reached 83 sponsors.
Past sanctions, embargos and price caps on Russian oil have dented production and supported price. The resulting steep discount on Russian oil, however, made it an attractive feedstock for Asian refiners, and a large fleet of shadow tankers is helping to circumvent sanctions. So far in 2025, Russian crude oil production averaged 9 million barrels per day (bpd), about 1 million bpd below ante-bellum (before the war) output.
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