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[Oil Prices Soar Amid Tougher Sanctions On Russia] Oil Prices Surged More Than 2% In Early Trading, With Brent Crude Breaking Above $80 Per Barrel As Markets Anticipated That Broader U.S. Sanctions On Russia Would Curb Its Supply To Buyers Like India. Recently, The Biden Administration Expanded Sanctions On The Kremlin's Energy Sector, Targeting Major Oil Producers And Ships Transporting Russian Oil. Goldman Sachs Analysts Noted That Russia's Output Is Expected To Temporarily Decline By 1 Million Barrels Per Day, Which Could Push Brent Crude Slightly Above The $70–$85 Range. However, They Added That The Long-Term Impact Of The Sanctions Would Be Limited Due To OPEC+'s Spare Capacity And Ability To Increase Production.
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