Brent Crude Plunges 2.35% as US Sanctions Bill Targets Russian Oil Flows

The price of Brent crude oil has dropped by 2.35% to $99.82 per barrel as the US House approves a bill that enables tariffs up to 100% on countries importing large volumes of Russian crude oil.

The sanctions bill, which targets Russia's energy sector and the 'shadow fleet' of tankers used to bypass existing measures, introduces uncertainty and could disrupt global Brent crude flows and trade logistics.

Brent crude is trading below its key short- and medium-term moving averages but remains above its long-term average. The price is expected to trade between $97.36 and $102.28 in the near term with a 57% probability of further downside movement.