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LONDON: Oil prices eased on Tuesday but remained near four-month highs as the impact of fresh US sanctions on Russian oil remained the market’s key focus.

Brent futures slipped 28 cents, or 0.4 percent, to $80.73 a barrel by 7:00 a.m. Saudi time, while US West Texas Intermediate crude fell 18 cents, or 0.2 percent to $78.64 a barrel.

Prices jumped 2 percent on Monday after the US Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that trade oil as part of Russia’s so-called “shadow fleet” of tankers.

“Headlines surrounding Russia oil sanctions have been the dominant driver for oil prices over the past week, and combined with resilient US economic data, the tighter supply-demand dynamics have been seeing some momentum,” said IG market strategist Yeap Jun Rong.

“Prices are taking a slight breather today. With prices rising fast and furious by close to 10 percent since the start of the year, it does prompt some profit-taking as event risks around upcoming US inflation data releases loom.”

The US producer price index will be released later in the day, with consumer price index data on Wednesday.

The stakes are high for Wednesday’s figures, where any rise in core inflation greater than the forecast 0.2 percent would threaten to close the door on further Federal Reserve interest rate cuts this year.

Lower interest rates typically help in stimulating economic growth, which could prop up oil demand.

“The recent rally to a three-month high does signal an improvement in sentiment, but while broad bearish pressures have eased for the time being, a stronger catalyst is still needed to fuel a sustained broader uptrend,” IG’s Yeap added.

While analysts were still expecting a significant price impact on Russian oil supplies from the fresh sanctions, the actual physical impact could be less.

“These sanctions have the potential to take as much as 700k b/d of supply off the market, which would erase the surplus that we are expecting for this year. However, the actual reduction in flows will likely be less, as Russia and buyers find ways around these sanctions – clearly there will be more strain on non-sanctioned vessels within the shadow fleet,” ING analysts said in a note.

Meanwhile, demand uncertainty from major buyer China could blunt the impact of the tighter supply. China’s crude oil imports fell in 2024 for the first time in two decades outside of the COVID-19 pandemic, official data showed on Monday.

“New sanctions on Russian tankers are expected to impact crude supply to China and India, though key players in these countries are still assessing the legal situation and possible workarounds,” said Sparta Commodities’ Philip Jones-Lux. 

WASHINGTON: ��������Ƶ’s Surj Sports Investment Co. signed a strategic partnership agreement on Monday with US-based Enfield Investment Partners to expand and enhance investments in the global sports sector.

The partnership follows EIP’s recent launch of a $4 billion global fund aimed at investing in sports assets.

The two companies plan to explore opportunities in key areas, including clubs, leagues, media rights, and sports infrastructure, a statement issued on Monday said.

Surj, established in 2023, is dedicated to fostering growth in the global sports sector and building a robust sporting ecosystem in ��������Ƶ and the wider Middle East.

The company’s strategy focuses on direct investments in sports events and activities to enhance fan engagement and regional sports participation.

“We are delighted to partner with EIP, which has demonstrated a bold vision with the launch of its new sports assets fund,” said Surj CEO Danny Townsend.

“This collaboration marks a significant milestone in Surj’s journey to expand its presence in the American market and foster transformative investments in the global sports sector,” he added.

Jake Silverstein, co-founder and chairman of EIP, echoed Townsend’s sentiments.

“The launch of our Global Sports Assets Fund marks the beginning of an exciting chapter. Partnering with Surj Sports Investment enables us to align our shared vision for advancing the future of the sports industry,” he said.

As part of the collaboration, EIP plans to establish a regional headquarters in Riyadh to complement its Washington base, reflecting the partnership’s commitment to fostering growth in ��������Ƶ and beyond.

“The Kingdom’s extraordinary transformation is reshaping the global sports landscape,” Silverstein added. “Through this partnership, we aim to create meaningful and lasting impact, leveraging the resources and expertise of both parties to drive innovation and growth.”

The agreement highlights ��������Ƶ’s growing influence in the global sports arena, which has culminated in the Kingdom’s successful bid to host the 2034 FIFA World Cup.