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Oil prices surge 5% on Trump’s Russian crude sanctions
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- Update Time : Thursday, October 23, 2025
- 45 Time
World oil prices surged five percent Thursday after US President Donald Trump targeted Russia’s key oil industry with new sanctions in a bid to end the war in Ukraine.
The international benchmark contract, Brent North Sea crude, jumped 5.1 percent to $65.75 per barrel while West Texas Intermediate was up 5.2 percent at $61.53.
Trump announced Wednesday new sanctions against Russia’s two largest oil companies, Rosneft and Lukoil, saying his peace talks with President Vladimir Putin were not going “anywhere”.
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