Oil up amid US sanctions on Russian crude exports, concerns ‎about supplies

Oil prices rose on Friday after the United States tightened its sanctions program on Russian crude exports, raising concerns about supplies in an already tight market, and global inventories are expected to decline during the fourth quarter.

According to Reuters, by 0052 GMT, Brent crude futures rose 36 cents, or 0.4%, to $86.36 per barrel. US West Texas Intermediate crude also rose 53 cents, or 0.6 percent, to trade at $83.44 per barrel.

Brent crude is heading to achieve weekly gains of 2.1 percent, and West Texas Intermediate crude is heading to rise 0.8 percent this week, after both crude oils rose sharply on Monday due to the possibility of disruption of exports from the Middle East.

Prices fell during the week, but on Thursday, the United States imposed the first sanctions on the owners of tankers carrying Russian oil whose price exceeds the price ceiling set by the Group of Seven at $60 per barrel, which it imposed with the aim of filling loopholes in the mechanism designed to punish Moscow for its invasion of Ukraine.

Russia is the world’s second-largest oil producer and a major exporter, and tight American scrutiny of its shipments may reduce supplies.