Oil prices climbed 3 per cent on Thursday after India began reassessing Russian crude purchases in response to fresh US sanctions targeting energy giants Rosneft and Lukoil over the war in Ukraine. Brent crude rose 3.1 per cent to 64.53 dollars a barrel, while US West Texas Intermediate (WTI) advanced 3.2 per cent to 60.39 dollars, extending gains from the previous session on renewed supply concerns and a surprise drop in US inventories. Washington warned of further punitive measures unless Moscow agrees to a ceasefire, while Britain and the European Union tightened their own restrictions on Russian energy exports. India's state-run refiners are reviewing their sourcing to avoid sanctioned suppliers, and Reliance Industries — the country's biggest private buyer of Russian oil — plans to scale back imports in line with government guidance. Market analysts noted that the sanctions could temporarily disrupt Russian flows but doubted any lasting impact on global supply. Traders are now watching upcoming OPEC+ output changes, China's stockpiling activity, and developments in Ukraine and the Middle East for further direction. Attribution: Reuters
