LONDON: Oil prices experienced an uptick on Thursday following the implementation of new European Union sanctions against Russia, which threaten to constrict oil supply, alongside an increase in demand in the United States, the world's largest crude consumer. The international oil benchmark, Brent crude, rose to $73.45 per barrel, while the U.S. benchmark, West Texas Intermediate, increased to $70.01 per barrel. According to Anadolu Agency, EU member states agreed on Wednesday to enforce their 15th sanctions package in response to Russia's ongoing military actions in Ukraine. The sanctions extend to new individuals and organizations and impose restrictions on ships from third countries supporting Russia. The EU's comprehensive sanctions on Russia target various sectors, including trade, finance, energy, industry, technology, and transport. Specific measures include a ban on shipping crude oil and certain oil products by sea from Russia to the EU, exclusion of some Russian banks from the SWIFT payment system, and suspension of operations for numerous broadcasting organizations. In the United States, data from the Energy Information Administration (EIA) revealed a rise in oil demand, contributing to the upward pressure on prices. U.S. commercial crude oil inventories fell by 1.4 million barrels to 422 million barrels for the week ending December 6, surpassing market expectations of a 1 million barrel decrease. The prospect of a 25-basis-point rate cut by the U.S. Federal Reserve at its December 18 meeting has also influenced oil prices. Lower interest rates are anticipated to boost oil demand by devaluing the U.S. dollar against other currencies, thus making oil cheaper for foreign currency users. The U.S. dollar index dropped by 0.26% to 106.120, further supporting the rise in oil prices by enhancing demand from international buyers.