Petrol prices increased due to sanctions on Russia.

Increase in Oil Prices Following U.S. Sanctions

The U.S. administration has decided to impose new sanctions on important players in the energy sector of Russia, namely Rosneft and Lukoil. Following this development, a sharp rise was recorded in the oil markets. The price of Brent crude reached $64.43, an increase of 2.94%, while U.S. West Texas Intermediate (WTI) crude rose by 3.06% to $60.29.

Reasons Behind the Sanctions

U.S. Treasury Secretary Scott Bessent stated in a recent announcement, "It is now time to stop the attacks and urgently establish a ceasefire." It has been reported that the sanctions aim to weaken the Kremlin's capacity to finance its war in Ukraine. These measures may increase tensions in international energy markets, while also having significant effects on global oil supply.

Relationship Between Trump and Putin

According to statements from the White House, these sanctions are closely linked to the cancellation of the planned meeting in Budapest between President Donald Trump and Russian President Vladimir Putin just a few days ago. Trump emphasized that pressure should be applied to stop Russian oil purchases to India. This situation may lead to a significant change in the global energy balance.

Changes in the Oil Market Throughout the Year

As of 2023, oil markets are filled with uncertainty, with U.S. crude oil losing approximately 16% of its value throughout the year. Brent crude also attracted attention with a 14% loss. These declines are indicative of the instability in the markets and changes in demand. Investors are advised to be cautious during this process.