The recent sanctions imposed by the US on the Russian crude oil industry are expected to force refiners in India and China to seek alternative sources of crude oil, which may disrupt market supply. The international crude oil price rose on January 13, reaching a five-month high.

West Texas Intermediate (WTI) crude for February delivery increased by US$2.25 (2.9%), reaching US$78.82/barrel on the New York Mercantile Exchange. It was the highest level since August 12 last year.

Brent crude for March delivery rose by US$1.25 (1.6%), settling at US$81.01/barrel, the highest since August 26, 2024.