US Sanctions on Russia Send Oil Prices Soaring
Oil prices surged after the US issued new sanctions against Russia, aiming to pressure Putin amid the ongoing Ukraine conflict. US consumers may face higher fuel costs as effects ripple through the market. Analysts predict temporary price hikes, contingent on geopolitical shifts and international responses.
Devdiscourse News Desk | Washington DC | Updated: 23-10-2025 22:34 IST | Created: 23-10-2025 22:34 IST
- Country:
- United States
Oil prices sharply rose on Thursday following the US announcement of extensive new sanctions on Russia's oil industry. This move aims to pressure Russian President Vladimir Putin into negotiations to end Moscow's ongoing conflict with Ukraine.
The US benchmark crude experienced a significant 5.8% increase, reaching USD 61.91 per barrel by midday. Analysts warn that, should the situation persist, American consumers could soon face higher fuel prices.
Patrick De Haan, head of petroleum analysis at GasBuddy, suggests fuel prices might rise in the coming days, predicting a widespread impact across various industries due to increased energy costs.
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