Oil prices jump 2.5% on US sanctions against Russian energy firms
Oil prices shot up about 2.5% on Thursday after the US announced new sanctions against Russian energy giants Rosneft and Lukoil over the Ukraine conflict.
The goal is to squeeze Russia's war funds, and more penalties could follow if fighting continues.
The EU and UK are also tightening rules, including a ban on Russian liquefied natural gas.
Analysts say price spike is likely short-term reaction
This price spike—over $2 for both Brent and WTI oil—has analysts saying it's likely just a short-term reaction to supply fears, not a long-lasting trend.
Indian oil buyers are now double-checking their deals to stay within the new rules, but some buying is still happening.
Experts add that future prices will depend on OPEC+ production decisions, China's oil stockpiling, and how global tensions play out.