Oil prices surge as Trump hits Moscow with new sanctions, Brent and WTI jump over 5%

The U.S. targets Rosneft and Lukoil, sending crude prices soaring. India and China face growing pressure to curb purchases from Russia.

Oil prices are on the rise again after the United States announced a new round of sanctions against Russian energy giants Rosneft and Lukoil. The move, ordered by President Donald Trump, sent global benchmarks sharply higher: WTI climbed above $61 a barrel, while Brent neared $66 — both up more than 5%.

The White House accused Moscow of showing “no real commitment” to peace in Ukraine. The measures mark a sharp turnaround from Trump’s previously softer stance; just a week ago, he had hinted at a potential meeting with Vladimir Putin. “I don’t want a useless meeting,” he said Tuesday, closing the door on negotiations.

According to Warren Patterson, head of commodity strategy at ING Groep, the sanctions “open the door to even tougher measures” that could eventually hit Russian oil exports directly. Still, doubts remain about their effectiveness — particularly if China and India keep buying Russian crude.

Trump said he plans to discuss the issue with Chinese President Xi Jinping next week in South Korea. Meanwhile, Indian Prime Minister Narendra Modi has reportedly promised to gradually cut his country’s imports of Russian oil.

The European Union has also stepped up pressure, unveiling a new sanctions package targeting 45 entities accused of helping Russia skirt existing restrictions, including 12 companies based in China and Hong Kong.

After months of decline, Brent has rebounded from a five-month low, suggesting the recent selloff may have run its course. But uncertainty looms large. As Vandana Hari of Vanda Insights notes, “The market will need time to understand the full implications of this American shift.”