Core Insights - Global oil prices surged following the U.S. sanctions on Russia's largest oil companies, Rosneft and Lukoil, amid ongoing tensions related to the war in Ukraine [1][2] Group 1: U.S. Sanctions Impact - The U.S. sanctions specifically target Rosneft and Lukoil, which are identified as key players funding the Kremlin's military efforts [2] - Brent Crude Futures increased by over 3.7% to nearly $65 per barrel, while West Texas Intermediate Futures rose by 3.9% to $60.76 per barrel [1][2] Group 2: International Reactions - The sanctions have led to a significant expected decline in Indian purchases of Russian crude oil, which has been a major supply source for India since 2023 [3] - Indian state-owned refineries are reassessing their Russian oil purchases to avoid sourcing from Rosneft and Lukoil due to the new sanctions [3] - U.S. President Trump has indicated that India is expected to reduce its oil imports from Russia, following a heavy tariff imposed on Indian oil imports [3]
Global Oil Prices Rise 3.7% After Trump Slaps Sanctions On Russian Oil Firms