Crude prices recorded gains of more than 2% this morning, Monday, January 13, with the weekly opening, as prices continue to rise for the third consecutive session, with the continued impact of the United States targeting the Russian oil sector, and thus the direct impact on exports to India and China, as Brent crude traded above $81 for the first time in four months, rising by about 2.02%, trading at $81.22 per barrel, while US crude (Nymex) traded at $78.18 per barrel, up by about 2.10%.

The increases in crude, which exceeded 6% since the end of last week, came after the US Treasury imposed broader sanctions on Russian oil, including Gazprom and Surgutneftegaz, in addition to 183 ships that shipped nearly 25% of Russian oil last year.

In contrast, a government official said that India, the world’s third-largest oil importer and consumer, does not expect Russian oil supplies to be disrupted in the next two months, as India will allow tankers subject to US sanctions to unload crude until March.

In a related development, reports issued on Monday morning from China revealed that Beijing’s crude imports during 2024 will record the first annual decline in two decades, as crude imports reached 553.4 million tons, or 11.04 million barrels, down 1.9% from the previous year.