Topline<\/p>\n
Global oil prices spiked early on Thursday after President Donald Trump\u2019s administration imposed a new set of sanctions targeting Russia\u2019s two largest oil companies, Rosneft and Lukoil, and threatened further action unless Moscow agreed to a ceasefire in its ongoing war with Ukraine.<\/p>\n
The U.S. sanctions target Russia’s two biggest oil firms and their subsidiaries. <\/p>\n
AFP via Getty ImagesKey Facts<\/p>\n
The global benchmark Brent Crude Futures rose more than 3.7% to nearly $65 per barrel early on Thursday morning.<\/p>\n
The U.S. benchmark West Texas Intermediate Futures also rose 3.9% to $60.76 per barrel.<\/p>\n
Treasury Secretary Scott Bessent said the sanctions target Russia\u2019s two largest oil firms \u201cthat fund the Kremlin\u2019s war machine\u201d and warned he is prepared to take \u201cfurther action if necessary to support President Trump\u2019s effort to end yet another war.\u201d<\/p>\n
Rosneft and Lukoil were hit by U.K. sanctions last week, and the European Union on Wednesday approved a fresh package of sanctions that includes a ban<\/a> on Russian liquefied natural gas (LNG) imports. <\/p>\n What Do We Know About India\u2019s Purchases Of Russian Oil?<\/p>\n According to Bloomberg<\/a>, Indian purchases of Russian crude oil are expected to drop to nearly zero after the latest round of sanctions imposed by the U.S. Russia has been India\u2019s biggest oil supplier since 2023, a matter that has triggered trade tension between New Delhi and Washington. However, the latest sanctions against Russia\u2019s two biggest oil companies would make such large import flows nearly impossible, the report added, citing unnamed senior executives at Indian refineries. Reuters also reported<\/a> that India\u2019s state-owned refineries are reviewing Russian oil purchases to ensure that no supplies are coming directly from Rosneft and Lukoil. Trump, who has imposed a heavy tariff of 50% on India due to its Russian oil imports, said Indian Prime Minister Narendra Modi had assured him that Delhi \u201cwas not going to buy much oil from Russia.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Topline Global oil prices spiked early on Thursday after President Donald Trump\u2019s administration imposed a new set of…\n","protected":false},"author":2,"featured_media":92663,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,62341,43,54596,62342,40,38,41,39,62343,45540],"class_list":{"0":"post-92662","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headlines","8":"tag-headlines","9":"tag-lukoil","10":"tag-news","11":"tag-rosneft","12":"tag-russian-oil-sanctions","13":"tag-top-news","14":"tag-top-stories","15":"tag-topnews","16":"tag-topstories","17":"tag-trump-sanctions","18":"tag-ukraine-war"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/92662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=92662"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/92662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/92663"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=92662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=92662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=92662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}