Oil futures settled lower on Thursday, pulling back as news of an Israel-Hamas cease-fire deal helped to ease some worries about risks to global supplies — though the agreement has reportedly hit a snag and has yet to take effect.

Crude prices are up, in part, on new U.S. sanctions on Russian oil. But sanctions have proven not be a good reason to invest. And the U.S., in particular, is awash in oil, keeping gas prices down.

Oil futures settled higher Wednesday, finding support after snapping a three-day winning streak that had been driven in part by wider U.S. sanctions on Russia as well as cold weather in much of the U.

Oil prices rose on Friday and headed towards a fourth consecutive weekly gain as the latest U.S. sanctions on Russian energy trade hit supply and pushed up spot trade prices and shipping rates. Brent crude futures rose 44 cents,

Indian Oil Corp (IOC) is seeking high-sulphur oil from the spot market in its first sour crude import tender since March 2022, expecting the latest U.S. sanctions to hit supplies from Moscow, trade sources said on Thursday.

India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia's oil industry.

External affairs ministry spokesperson Randhir Jaiswal indicated that India had no plans to reduce oil purchases from Russia following the US sanctions

Unknown drones attacked an oil depot in the Russian Federation on the evening of January 17. This time, it was in the Kaluga region, according to Russian Telegram channels. It is reported that the drone attempted to attack an industrial enterprise in the city of Lyudinovo.

A drone attack on an oil depot was reported in the Russian city of Lyudinovo in Kaluga Oblast on the evening of 17 January. Source: Russian Telegram channels; Governor of Kaluga Oblast Vladislav Shapsha Details: Local media reported that attack drones had hit the Lyudinovo oil depot of the Kaluganefteprodukt company in Lyudinovo,