New US sanctions on Russia trigger a sharp rise in international oil prices. Russian oil buyers urgently need to find new supply chains to hedge risks. WTI crude oil futures continued their gains from the previous session on Thursday, surging 6% intraday. Earlier, the US imposed sanctions on Russian oil giants Rosneft and Lukoil over the conflict in Ukraine. Saxo Bank analyst Ole Hansen noted that the US sanctions mean major buyers of Russian oil will need to find alternative suppliers to avoid being excluded from the Western banking system. The US stated its readiness for further action and called on Moscow to immediately agree to a ceasefire in Ukraine. UBS analyst Giovanni Staunovo said the actual impact of the sanctions on the oil market will depend on India's response and whether Russia can find alternative buyers. Since the outbreak of the Russia-Ukraine conflict, India has become the largest buyer of discounted Russian seaborne crude oil.
