Oil prices rise 4% after U.S. tightens sanctions on Russian crude sales
A view from the oil company Tatneft in Tatarstan, Russia on June 04, 2023.
Anadolu Agency | Anadolu Agency | Getty Images
Oil prices on Friday rose 4% after the U.S. tightened sanctions against Russian crude exports, exacerbating supply concerns in an already tightly balanced energy market.
International benchmark Brent crude futures with December expiry traded 4% higher at $89.46 per barrel at around 7:45 a.m. ET, while front-month November U.S. West Texas Intermediate crude futures rose 4.2% to trade at $86.38 per barrel.
The move back toward $90 a barrel comes after the U.S. on Thursday imposed sanctions on two shipping companies that it said violated the G7’s oil price cap, a mechanism designed to retain a reliable supply of Russian flows in the market while curbing the Kremlin’s war chest.
“This action underscores the Treasury Department’s commitment with its international partners to responsibly reducing Russian government oil profits and constraining the Russian war machine,” the U.S. Department of the Treasury said in a statement.
The G7, Australia and the EU implemented a $60-per-barrel price cap on Russian oil on Dec. 5 last year. It came alongside a move by the EU and U.K. to impose a ban on the seaborne imports of Russian crude oil.
Together, the measures were thought at that time to reflect by far the most significant step to curtail the fossil fuel export revenue that is funding Russia’s war in Ukraine.
On Thursday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) said it was imposing sanctions on two owners of tankers carrying Russian oil priced above the price cap: one in Turkey and one in the United Arab Emirates.
The YasaGolden Bosphorus tanker, which is owned by Turkey-based Ice Pearl Navigation Corp, was said to have carried crude oil priced above $80 a barrel after the price cap took effect.
Meanwhile, OFAC said the SCF Primorye, which is owned by UAE-based Lumber Marine SA, carried Russian oil priced above $75 a barrel from a port in Russia after the price cap mechanism came in.
The move to clamp down on Russian oil sales “demonstrates our continued commitment to reduce Russia’s resources for its war against Ukraine and to enforce the price cap,” said Deputy Secretary of the Treasury Wally Adeyemo.
“We remain committed to implementing a price cap policy that has two goals: reducing the oil profits upon which Russia relies to wage its unjust war against Ukraine and keeping global energy markets stable and well-supplied despite turbulence caused by Russia’s unprovoked invasion of Ukraine,” Adeyemo added.
‘Fraught with uncertainty’
Market participants are also closely monitoring the fallout from the escalating Israel-Hamas conflict, which has ratcheted up concerns that the fighting may affect regional energy production. The Middle East accounts for more than one third of global seaborne trade.
The International Energy Agency on Thursday described market conditions as “fraught with uncertainty” but said the Israel-Hamas war had not yet had a direct impact on physical supply.
The IEA sought to assuage market concerns by saying it stands ready to act to ensure markets remain “adequately supplied” in the event of an abrupt supply shortage.
The energy agency’s response includes member countries releasing emergency stocks and/or implementing demand restraint measures.
Israel is not a major oil producer and no major oil infrastructure runs close to the Gaza Strip.
Florida’s State Parks are stepping up their environmental and operational game, introducing a large fleet of powerful electric bikes to support park ranger patrols.
The Florida State Parks Foundation, under its sustainability-focused Greener Initiative, recently announced the expansion of e‑bike units across the state’s parks system. The fleet of Velotric Nomad e-bikes, each equipped with 750‑watt motors and with a claimed 65‑mile range, can offer a substantial 500‑lb payload capacity. They also feature 4″ wide fat tires optimized for riding on rough paths or off-road trails, making them ideal for park ranger patrols.
These e‑bikes are now being distributed to multiple locations throughout Florida, including Fort Clinch, Olustee Battlefield Historic, Rainbow Springs, Stephen Foster Folk Culture Center, and Suwannee River State Park.
According to Julia Gill Woodward, CEO of the Foundation, the overwhelming success of the first wave of e‑bikes prompted swift expansion. “The Greener Initiative has done incredible things to reduce our environmental footprint,” she noted, adding that it’s “even more amazing when Greener projects align with resources that support our rangers.”
These additions bring the statewide fleet to 50 e‑bikes, funded via sales from the “Explore Our State Parks” specialty license plate. Starting in 2023, the Greener Initiative has rolled out a variety of efforts to make Florida’s parks cleaner and more efficient, including slashing emissions, cutting down on waste, lowering energy consumption, and enhancing the overall experience for visitors.
Electrek’s Take
I love this, and it’s a great example of how e-bikes are perfect for so many different patrol uses among park rangers, police officers, security companies, and other types of official fleet usage.
We’re seeing this more and more, and the reason is obvious: It works. E-bikes are a lot cheaper than alternatives like UTVs, golf carts, or “real” vehicles like cars and trucks. They require significantly less maintenance, and they’re a lot more fun too.
I just hope they mount some extra water bottle holders. I often ride in Florida, and in the summer, I can drink a gallon a day… on an electric bike!
Via: WCJB
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Lucid’s most adventurous vehicle has just arrived. The Lucid Gravity can drive 450 miles on a single charge, comfortably fits seven, and is faster than the average sports car. Lucid promises the new X concept takes the electric family hauler to a new level.
Meet the Lucid Gravity X adventure-ready EV SUV
Lucid has been hyping the new model as “a bold new concept of electric exploration,” describing it as its most adventurous vehicle to date.
At Monterey Car Week on Friday, we finally got our first look at Lucid’s stunning new Gravity X concept. Based on the Lucid Gravity Grand Touring, which features an impressive up to 450 miles of EPA-estimated range, AWD, and a 0 to 60 mph sprint in just 3.4 secs, the X is designed to take you even further.
As Lucid put it, the X “advances this exceptional foundation, exploring what it would be like to push the limits further.
The concept features a new look, lifted ride height, and added off-road elements for all on and off-road adventures. Lucid fine-tuned the front and rear ends to improve approach and departure angles. It also slapped all-terrain tires, protective skid plates, and tow hooks on it, just in case.
Like we first saw in the teaser, the X concept is equipped with an integrated crossbar with LED lights and a roof box.
Lucid says every detail on the new concept was intentional, from the Astral Drift satin paint to the topographical references to Big Spur and Death Valley on the hood.
The interior features upgrades, including premium leather seats, high-performance floor mats, and a microsuede steering wheel.
According to Lucid, the Gravity X, pronounced Gravity Cross, is “ready to go anywhere. Take on everything. And compromise nothing.”
Although it’s just a concept for now, the X gives us a glimpse into a future off-road Gravity trim. As we mentioned earlier this week, Lucid could be preparing to introduce a rugged new variant to compete with Rivian’s California Dune Edition R1S and R1T models.
What do you think of the rugged Gravity X Concept? Should Lucid bring it to life? It wouldn’t be surprising to see a new variant hit the market soon.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes new e-bikes from Heybike, the Priority Skyline launch, Segway’s new 50 MPH electric scooter, a Bafang hub motor with automatic shifting, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 9:00 a.m. ET (or the video after 10:00 a.m. ET):
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