Brent Crude Surges Back Above $60! US Prepares New Sanctions on Russia if Putin Rejects Peace Deal

International oil prices spiked during European trading hours on Wednesday, with both US WTI crude and Brent crude posting rapid gains. Reports indicate the US is preparing fresh sanctions against Russia, which could be activated if Moscow refuses a proposed peace plan to end the Ukraine war.

Brent crude futures extended gains by up to 2.4%, climbing above $60 per barrel. Earlier reports noted that Trump's order to blockade sanctioned Venezuelan tankers had already driven oil prices higher.

According to sources familiar with the matter, potential US sanctions under consideration target Russia's "shadow fleet" of tankers used to transport oil and traders facilitating such transactions. These measures are being prepared as contingency plans should Russian President Vladimir Putin reject the proposed peace agreement with Ukraine.

Analysts highlight that escalating geopolitical risks have refocused market attention on supply disruptions, with anticipated sanctions expansion from Venezuela to Russia fueling the crude price rebound.

Russia Emerges as Sanctions Focus Sources reveal the US is preparing new sanctions on Russia's energy sector to increase pressure on Moscow and compel Putin to accept a Ukraine peace deal.

The measures, potentially announced this week, may include actions against Russia's oil-transporting shadow fleet and supporting traders. Treasury officials reportedly discussed the plans during meetings with European envoys earlier this week.

This development coincides with progress in US-Ukraine negotiations on potential peace terms, though disagreements persist over key issues including territorial claims, frozen Russian central bank assets, and management of the Zaporizhzhia nuclear plant.

Venezuela Pressure Intensifies Simultaneously While preparing Russia sanctions, the Trump administration has already taken action against Venezuela, which initially boosted oil prices.

Trump announced a comprehensive maritime blockade against Venezuela and designated the Maduro government as a "terrorist organization." Venezuela condemned the US move as "resource theft" and vowed to appeal through the UN.