BUSINESS

Oil Price Jumps on Trump’s Russia Sanctions

Oil jumped after President Trump sanctioned Rosneft and Lukoil, Russia’s two biggest oil producers, intensifying pressure over the war in Ukraine. Brent crude rose about 5.5% to $66 a barrel, while European gas gained more than 3% as the EU approved sanctions, including a 2027 ban on Russian LNG. Analysts said the move could disrupt Russian flows to India and China; Reliance’s 500,000-barrel-a-day deal with Rosneft may be paused, and Chinese state refiners have halted November cargoes. With Russia exporting about 4.5 million barrels daily, prices could push toward $70.

Reviewed by JQJO team

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