Oil Prices Surge 6% as Trump Sanctions Russian Energy Giants

OilPrice · Charles Kennedy · last updated October 23, 2025 – 4:20 AM

Oil prices skyrocketed in early Asian trading on Thursday after President Trump announced new sanctions on Russia’s two largest oil producers, Lukoil and Rosneft, marking the first Ukraine-related sanctions of his second term. Brent crude futures jumped 5.53% to $66.05 per barrel, while WTI crude futures surged 6.05% to $62.04 per barrel, as traders weighed the immediate threat to Russian supply. The measures, announced late Wednesday in Washington, came as Trump’s frustration with Putin has grown over the ongoing war in Ukraine. The…

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