"This time it's different" is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia's crude oil exports.Oil prices jumped in the wake of the
"This time it's different" is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia's crude oil exports.
Oil prices jumped in the wake of the new measures aimed at preventing Russia from shipping crude using a so-called "dark fleet" of tankers.
It does seem strange an industry which has been arguing since Russia's 2022 invasion of Ukraine that sanctions are largely ineffective, should suddenly switch to thinking the new steps are the real deal.
What's more likely is that the jump in prices since President Joe Biden's outgoing administration announced the sanctions against more than 160 tankers is temporary, lasting only as long as it takes to adjust supply chains.
Global benchmark Brent crude futures LCOc1 ended at $82.03 a barrel on Wednesday, the highest close since August last year, having gained 6.6% since Jan. 9, the day before the U.S. measures were announced.
The rise has come amid media reports that refiners in India and China, the two biggest buyers of Russian crude, are scrambling to source alternative suppliers for deliveries from next month onwards.
The International Energy Agency said in a report on Wednesday the new sanctions cover entities that
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