In the final days of Joe Biden’s presidency, the US unveiled its most sweeping and aggressive effort yet to disrupt the oil shipments that are helping Russia to fund its war in Ukraine.

Occidental Petroleum is poised for long-term growth and potential outperformance in 2025 due to stricter oil sanctions. Read more on OXY stock here.

On Jan. 10 the US Treasury’s Office of Foreign Assets Control sanctioned 161 tankers and traders involved in about 2,000 shipments since the invasion began. It also acted against Moscow-based ship insurers and two companies — Surgutneftgas and Gazpromneft — which in the first 10 months of last year accounted for almost 30% of Russia’s oil exports.

India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia's oil industry.

A fresh wave of U.S. sanctions against Russia’s oil industry threatened to disrupt global supplies, sending crude prices to their highest in more than four months.

Oil prices steadied on Thursday a day after settling at multi-month highs on the latest U.S. sanctions on Russia and a larger-than-forecast fall in U.S. crude stocks. Brent crude futures were down 23 cents,

On Jan. 10, the U.S. Treasury announced fresh measures to deplete Russia's energy revenues, including on 183 vessels, largely oil tankers.