Oil prices remain near four-month highs as markets weigh Russia sanctions impact

Oil prices slipped at market open on Tuesday but remained near four-month highs as Chinese and Indian buyers sought new suppliers in the wake of the Biden administration's toughest sanctions yet on Russian oil. That followed roughly 2% gains in Monday trading, after the U.S. 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. The move is expected to cost Russia billions of dollars per month, according to one U.S. official.