October 22, 2025

Oil prices jumped about 3% on Wednesday evening after the Trump administration imposed further sanctions on Russia’s two largest crude companies, citing Moscow’s “lack of serious commitment to a peace process to end the war in Ukraine.”

Global benchmark Brent rose $1.83, 2.92%, to $64.42 per barrel by 8:18 p.m. ET. U.S crude oil rose $1.74, or 2.97%, to $60.24 per barrel. During regular trading Wednesday, Brent gained 2% to close at $62.59 a barrel, while U.S. crude climbed 2.2% to settle at $58.50.

“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said as he announced the sanctions on Rosneft and Lukoil.

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