Brent price exceeds $80 for first time since October

The price of Brent crude oil futures for March 2025 delivery on the London ICE exchange exceeded $80 per barrel for the first time since October 8, 2024.

Report informs, citing the trading data, that the price of March futures surged by 4.71% to $80.54 per barrel.

Oil prices were strongly influenced by reports about possible new sanctions against Russian oil companies and tankers carrying Russian oil.

Reuters reported that such sanctions might be announced by the outgoing U.S. President Joe Biden's administration.