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Global oil markets are experiencing significant upheaval as prices touch five-month highs near $79 per barrel, driven by the US government’s most ambitious sanctions yet against Russia’s energy sector. The measures, targeting major exporters, insurance companies, and numerous tankers, are creating ripple effects across global supply chains, with EU nations planning additional restrictions on natural gas and stricter enforcement of oil price caps. The situation is further complicated by warnings from Alberta’s Premier about potential 25% tariffs under the incoming Trump administration, particularly significant given that Canada supplies over half of US crude imports. The market disruption is especially acute in Asia, where Chinese refiners have held emergency meetings to address delivery concerns, and Indian officials anticipate up to six months of major disruptions. Morgan Stanley analysts note these sanctions exceeded market expectations, creating significant downside risks to oil supply. This comes at a critical time as OPEC+ considers loosening output restrictions and amid speculation about potential tighter curbs on Iranian flows under the Trump administration.
