- Oil soars after US sanctions target major Russian producers
- The WTI prompt-month contract climbed $2.89 to $61.39/Bbl Thursday morning (7:45 AM CT)
- The US government imposed new sanctions on Russia’s largest oil firms, adding state-run Rosneft and Lukoil to its blacklist
- The move reignited fears that India may be forced to curb purchases of Russian crude
- According to Bloomberg reporting, senior refinery executives say a sharp reduction in Indian imports would make it “all but impossible” for Russian barrels to keep flowing, leaving China as the likely buyer of last resort
- India remains the largest importer of seaborne Russian crude, but any pullback could shift trade flows significantly toward China
- “The latest US sanctions on Russia’s oil producers represent a significant and unprecedented escalation in Washington’s pressure campaign against Moscow,” said Jorge Leon, head of geopolitical analysis at Rystad Energy
- With major agencies projecting a global oil surplus heading into 2026, the timing of the US action proved opportune, sending crude prices sharply higher
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