U.S. Pump Prices Could Soon Spike After Fresh Sanctions On Russian Oil

Core Insights - The national average price of gasoline in the U.S. has recently dropped below $3 per gallon, attributed to OPEC+ increasing supply and weak global demand, with prices recorded at $2.969 per gallon, 16 cents lower than the previous year [1] - However, average gasoline prices rose back to $3.07 by the weekend due to new U.S. tariffs on Russian oil [2] - Brent crude oil prices saw a significant increase, trading at $66.42 per barrel, nearly a 10% rise from earlier lows, while WTI crude also increased to $61.94 per barrel [3] Sanctions and Market Impact - The U.S. has imposed new sanctions on major Russian energy companies, Rosneft and Lukoil, in response to ongoing geopolitical tensions, with Treasury Secretary Scott Bessent emphasizing the need for allies to adhere to these sanctions [4] - This marks a shift in the U.S. administration's approach, moving from a neutral mediator role to taking direct action against Russia, which may lead to higher gasoline prices for consumers in the near term [5] - Experts predict that the impact of these sanctions on gasoline prices will be felt within days, with potential for further price increases depending on geopolitical developments [6]