Muscat: Oil Hits More Than 3-month High: Oil prices today hit their highest level in more than three months, extending their rally on expectations that wider US sanctions will affect Russian crude supplies to the world's top and third largest importers China and India.

According to Oman News Agency, Brent crude futures climbed $1.35, or 1.69%, to $81.11 a barrel after hitting an intraday high of $81.44, the highest since 27 August 2024. Similarly, US West Texas Intermediate crude rose $1.40, or 1.83%, to $77.97 a barrel after touching a high of $78.32, marking the highest price since October 8.

The surge follows the US Treasury's imposition of sanctions on Russian oil producers Gazprom Neft and Surgutneftegas. Additionally, 183 vessels that have shipped Russian oil were included in these sanctions, further complicating supply dynamics in the global oil market.