Oil prices drop as US sanctions on Russian oil giants

Business Oct 24, 2025

Oil prices dropped Friday morning after a big 5% jump the day before, all thanks to fresh US sanctions on Russian oil giants Rosneft and Lukoil.
By 9:30am Brent crude futures were down to $65.69 and WTI futures slipped to $61.55.

Indian crude futures follow global trend

Indian crude futures followed suit, with November contracts on MCX falling to ₹5,407.
The sanctions are making Chinese oil companies avoid Russian shipments, and Indian refiners might cut back on Russian imports too.
Meanwhile, everyone's watching the upcoming October 30 meeting between US President Trump and China's President Xi—any progress there could shake up oil prices again.