Brent crude returns to $60! Report: If Putin rejects the peace agreement, the U.S. is prepared to impose new sanctions on Russia

International oil prices jumped sharply during the European session on Wednesday, with U.S. WTI crude oil and Brent crude oil rising quickly. Reports indicate that the U.S. is preparing to implement a new round of sanctions against Russia if Moscow refuses to accept a proposed peace plan to end the war in Ukraine.

Brent crude futures saw their gains expand to 2.4%, rising above $60 per barrel. According to a previous article from Wall Street Insight, Trump's order to blockade sanctioned Venezuelan oil tankers has already pushed oil prices higher.

Reports suggest that the sanctions options being considered by the U.S. include targeting the so-called "shadow fleet" tankers used to transport Russian oil, as well as the traders facilitating these transactions. These measures are being prepared to be activated if Russian President Putin refuses to agree to the proposed peace agreement with Ukraine.

Analysts point out that the accumulation of geopolitical risks has refocused the market on supply-side disruptions, with expectations of escalating sanctions from Venezuela to Russia driving a rebound in crude oil prices.

Russia Becomes the Focus of Sanctions

Reports indicate that the U.S. is preparing to impose a new round of sanctions on the Russian energy sector to increase pressure on Moscow and encourage President Putin to accept a peace agreement with Ukraine.

The new sanctions could be announced as early as this week, with options including targeting the "shadow fleet" tankers used to transport oil and the traders facilitating these transactions. Treasury Secretary Scott Bessent discussed related plans earlier this week during a meeting with a European delegation.

This move comes as U.S. and Ukrainian negotiators have made progress on potential peace agreement terms this week. However, key issues such as territorial claims, the use of frozen Russian central bank assets, and the management of the Zaporizhzhia nuclear power plant remain contentious.

Venezuelan Pressure Escalates Simultaneously

As preparations for sanctions against Russia are underway, the Trump administration has taken action against Venezuela. This move has initially boosted oil prices.

According to Wall Street Insight article, Trump announced a comprehensive maritime blockade against Venezuela and designated Maduro's government as a "terrorist organization." Venezuela has strongly condemned the U.S. for "stealing resources" and stated it will file a complaint through the United Nations