Oil prices set for 7% weekly surge as US imposes fresh sanctions on Russian oil
Earlier this week, sentiment in the oil market was also affected after reports indicated the planned summit between US President Donald Trump and Russian President Vladimir Putin was postponed.
- Oct 24, 2025,
- Updated Oct 24, 2025 10:04 AM IST
Brent crude oil prices were set to close higher over 7% on a weekly basis as fresh US sanctions on Russia’s major oil firms and a new European Union sanctions package triggered supply-disruption fears. Brent crude oil prices surged 5% to trade near $66 a barrel on Thursday after US imposed sanctions on Russia's biggest oil firms.
West Texas Intermediate (WTI) futures stood flat at $61.49 per barrel on Friday. On a weekly basis, the WTI crude oil futures were set to gain nearly 7%.
US blacklisted Rosneft PJSC and Lukoil PJSC amid reports that key purchaser India would reduce oil purchase from the Moscow in lieu of reduced tariff rates with US.
Earlier this week, sentiment in the oil market was also affected after reports indicated the planned summit between US President Donald Trump and Russian President Vladimir Putin was postponed. Western pressure on Asian buyers to trim Russian crude purchases also raised concerns about possible oil supply disruptions.
Meanwhile, brent crude price, which reached a high of $66.36 a barrel was trading at a flat note on Friday. At an intra day high of $65.91 per barrel, the oil price clocked a gain of 7.53% on a weekly basis against the close of $61.29 per barrel last week.
Rosneft, the Russian oil giant, is run by Russian President Vladimir Putin’s close ally Igor Sechin. Rosneft and the privately held Lukoil are the two largest Russian oil producers, together accounting for nearly half of the nation’s total exports, according to Bloomberg estimates.
Brent crude oil prices were set to close higher over 7% on a weekly basis as fresh US sanctions on Russia’s major oil firms and a new European Union sanctions package triggered supply-disruption fears. Brent crude oil prices surged 5% to trade near $66 a barrel on Thursday after US imposed sanctions on Russia's biggest oil firms.
West Texas Intermediate (WTI) futures stood flat at $61.49 per barrel on Friday. On a weekly basis, the WTI crude oil futures were set to gain nearly 7%.
US blacklisted Rosneft PJSC and Lukoil PJSC amid reports that key purchaser India would reduce oil purchase from the Moscow in lieu of reduced tariff rates with US.
Earlier this week, sentiment in the oil market was also affected after reports indicated the planned summit between US President Donald Trump and Russian President Vladimir Putin was postponed. Western pressure on Asian buyers to trim Russian crude purchases also raised concerns about possible oil supply disruptions.
Meanwhile, brent crude price, which reached a high of $66.36 a barrel was trading at a flat note on Friday. At an intra day high of $65.91 per barrel, the oil price clocked a gain of 7.53% on a weekly basis against the close of $61.29 per barrel last week.
Rosneft, the Russian oil giant, is run by Russian President Vladimir Putin’s close ally Igor Sechin. Rosneft and the privately held Lukoil are the two largest Russian oil producers, together accounting for nearly half of the nation’s total exports, according to Bloomberg estimates.