Oil prices spiked after President Trump imposed sweeping sanctions on Russia’s two biggest oil producers, Lukoil and Rosneft, marking a sharp escalation in U.S. policy toward Moscow.
Brent crude and West Texas Intermediate futures jumped 5% following new U.S. sanctions on Russia's largest oil producers, forcing China and India to seek alternative suppliers.
Trump, who has to date not put sanctions on Russia over the war and instead relied on trade measures, says Rosneft and Lukoil will be targeted. Key US politics stories from Wednesday 22 October
Oil Prices Rise 5% After Trump Sanctions Russia's Rosneft and Lukoil | Since Then