Crude oil soars after U.S. sanctions owners over Russian price cap

Crude oil soars after U.S. sanctions owners over Russian price cap

Investing.com -- Oil prices soared Friday, putting them on course for hefty weekly gains, after the U.S. sanctioned a couple of tanker owners for violating the sanctions program against Russian crude exports, raising supply concerns in an already tight market.The U.S.

The idea of further action could limit global supply further given Russia is the world's second-largest oil producer and a major exporter.The crude benchmarks have seen volatile trading during the week, but are set to post weekly gains of between 4% and 5% after both surged on Monday in the wake of the weekend attack by militant Islamist group Hamas on Israel.

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