Crude oil prices have risen as markets anticipate deeper disruptions to Russian supply, spurred by new measures from the European Union and United States aimed at restricting Moscow’s financial resources for its war in Ukraine. Brent Crude Oil increased 1.1 per cent to $US64.85 per barrel. ANZ noted comments from EU foreign policy chief Kaja Kallas, who accused Russia of escalating aggression as new restrictions take effect. The US is reportedly preparing sanctions on Russia’s two largest oil producers, while the EU has tightened transaction bans and lowered its oil price cap to 15 per cent below market levels.
Diesel markets are already experiencing pressure, given Russia’s role as a major supplier. Concerns about supply have grown following recent attacks on Russian energy infrastructure. These include a drone strike targeting an oil depot and vessel in the Black Sea port of Novorossiysk, as well as attacks on Rosneft’s Saratov refinery.
North Asian LNG spot prices have jumped to a two-month high, according to ANZ, driven by rising freight rates. Shipping costs in the Atlantic basin have reached their highest levels since early 2024, fuelled by increasing North American export volumes and competition for tankers. This is expected to increase Northeast Asian gas prices to attract cargo shipments.
