Oil prices tumbled more than US$5 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai launched a two-stage lockdown to contain a surge in COVID-19 infections.
Sanctions come at a time that OECD crude inventories were already well below their 5-year average.
Oil prices have powered toward US$100 a barrel in 2022 as fuel demand recovers from a pandemic crash, in a rally that has driven up energy costs worldwide.