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Crude oil futures settle sharply higher as U.S. takes up sanctions route against Russia

24 Oct 2025 Evaluate

Crude oil futures settled sharply higher on Thursday, extending gains from previous sessions, as the U.S. takes up the sanctions route against Russia. To curb Russia's efforts to raise revenue for funding its war against Ukraine, the U.S. Treasury Department announced new sanctions targeting Russian oil majors Rosneft and Lukoil along with some of their subsidiaries. Rosneft and Lukoil are among the biggest corporations listed on the Moscow Stock Exchange, export around 3.1 million barrels of crude oil per day and are worth $50 billion each. Following this sudden move by the U.S., 27-member states of the European Union adopted the 19th sanctions package against Russia targeting its shadow fleet of oil tankers and banning its imports of Liquefied Natural Gas.

Benchmark crude oil futures for November gained $3.29 or 5.60% at $61.79 a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased $3.4 or 5.43% to settle at $65.99 a barrel on London's Intercontinental Exchange.


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