International oil prices surged over 5% as the U.S. imposed new sanctions on two major Russian oil companies

AASTOCKS
2025.10.23 09:41

Two major Russian oil companies have been subjected to new sanctions by the United States. The price of Brent crude oil rose by 5.1% during electronic trading today (23rd), currently reported at $65.78 per barrel. New York crude oil is reported at $61.44, up 5.2%.

Major U.S. oil prices are performing well before the market opens, with Exxon Mobil (XOM.US), Chevron (CVX.US), and ConocoPhillips (COP.US) rising by 1.2% to 1.5%, and Occidental Petroleum (OXY.US) up 2.9%.

The U.S. Treasury Department announced a new round of sanctions against two major Russian oil companies, Rosneft and Lukoil, aimed at forcing Russia to negotiate a peace agreement regarding Ukraine.

According to sources cited by Reuters, due to U.S. sanctions, India's Reliance Industries will suspend imports of Russian oil based on its long-term agreement with Rosneft

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