Core Insights - Crude oil and gasoline prices experienced a decline due to long liquidation pressure after significant gains earlier in the week, influenced by increased sanctions on Russian energy [2][4] Sanctions and Regulatory Actions - The Trump administration imposed sanctions on Rosneft PJSC and Lukoil PJSC, Russia's largest oil producers, due to insufficient commitment to peace in Ukraine, potentially isolating these companies from international financial systems [3] - The EU implemented a new sanctions package targeting Russia's energy infrastructure, sanctioning 117 shadow-fleet vessels and 45 entities aiding Russia in evading sanctions, including companies in China and Hong Kong [4] Market Dynamics - Concerns about a global oil supply glut are prevalent, with the IEA forecasting a record surplus of 4.0 million barrels per day (bpd) by 2026 [5] - A decrease in crude oil stored on stationary tankers, reported at a 12% week-over-week decline to 78.44 million barrels, is seen as bullish for oil prices [5] - OPEC+ agreed to a modest increase in crude production targets, with a 137,000 bpd rise starting in November, which was below market expectations [6] - OPEC's September crude production increased by 400,000 bpd to 29.05 million bpd, marking the highest level in 2.5 years [6]