Oil prices skyrocketed more than 5% following the imposition of additional sanctions on Russia’s two largest crude oil companies by the U.S. government, which cited “Moscow’s lack of serious commitment to a peace process to end the war in Ukraine.” Specifically, the global oil benchmark Brent crude rose $3.37 or 5.4% to $65.96 per barrel. U.S. crude West Texas Intermediate (WTI) increased $3.26, or 5.6%, to $61.76 per barrel. On Wednesday (22.10.2025), Brent gained 2% and closed at $62.59 per barrel, while WTI rose 2.2% and closed at $58.50.
“Opportunity for immediate ceasefire”
“Now is the time to stop the slaughter and achieve an immediate ceasefire,” declared U.S. Treasury Secretary Scott Bessent, announcing the sanctions against Rosneft and Lukoil. “The Treasury Department is ready to take further action, if necessary, to support President Trump’s effort to end yet another war,” Bessent stated. “We encourage our allies to participate and enforce these sanctions.”
The U.S. Treasury Department announced that the new sanctions will damage the Kremlin’s ability to generate revenue to fund the war against Ukraine.
A senior White House official told NBC News that the new sanctions come after failed plans for a meeting between Donald Trump and Vladimir Putin in Budapest.
Meanwhile, Trump is also attempting to pressure India to stop buying Russian oil, as New Delhi is one of the largest buyers of Russian crude oil exports.
U.S. crude oil prices have fallen 16% this year and Brent has declined nearly 14%. OPEC+, led by Saudi Arabia and Russia, has been increasing production for months.
At the same time, trade tensions caused by Trump’s tariffs have also raised concerns in the oil market that economic growth will slow and hurt crude oil demand.
