Oil prices spiked sharply after Washington imposed sweeping sanctions on Russia’s two largest oil firms, Rosneft and Lukoil, raising fears of supply disruptions from one of the world’s top producers. Brent crude rose nearly 5% to $65.50 a barrel, while US benchmark West Texas Intermediate climbed above $61 — its biggest one-day gain since the Israel–Iran conflict in June.
The move marks a major shift in US policy, moving from price caps to outright sanctions designed to choke off Moscow’s oil revenue for its war in Ukraine. Indian refiners, among Russia’s key buyers, say the restrictions could halt shipments entirely.
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Analysts warn the latest measures, combined with recent attacks on Russian oil sites, could trigger output cuts and renewed instability across global energy markets.
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