Oil Jumps as Trump Steps Up Pressure on Russia With Sanctions

WATCH: Oil surged after the US blacklisted Russia’s state-run producers Rosneft and Lukoil. Stuart Livingston-Wallace reports.Source: Bloomberg

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By Jack Wittels, Rong Wei Neo, and Mia Gindis

October 22, 2025 at 10:03 PM UTC

Updated on

October 23, 2025 at 7:42 PM UTC

Oil posted its biggest one-day gain in more than four months after the US announced sanctions on Russia’s biggest oil companies, threatening supplies from one of the world’s top producing countries.

West Texas Intermediate jumped 5.6% to settle near $62 a barrel, the most since the start of the Israel-Iran conflict on June 13. Heating oil led the oil complex higher, ending the day up 6.8%.