Oil prices rose more than 4% on Thursday, October 23, 2025, following US sanctions imposed on major Russian suppliers.
Brent crude increased by $2.71 to $65.30 per barrel, while US West Texas Intermediate (WTI) crude futures rose by $2.50 to $61.06.
Crude prices surged after the sanctions were announced, as refineries in China and India now need to seek alternative suppliers to avoid exclusion from the Western banking system.
US Treasury Secretary Scott Bessent said the sanctions target Russia’s financial lifeline, aiming to weaken its ability to fund the ongoing war.
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“Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine,” Bessent said, urging US allies to follow suit.
Oil and gas revenues, which make up about 25% of Russia’s federal budget, have already fallen 21% year-on-year, increasing pressure on Moscow’s wartime finances.
The new sanctions give global companies until November 21, 2025, to wind down transactions with the targeted firms.
SP/MA
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