Oil spikes as Trump sanctions Rosneft, Lukoil
Oil prices jumped more than 5 percent on Thursday after US President Donald Trump imposed sanctions on Russian energy giants to pressure Moscow over Ukraine. Brent crude climbed 5.4 percent while West Texas Intermediate gained 5.6 percent as Trump targeted Rosneft and Lukoil, citing stalled peace talks with President Vladimir Putin. The European Union added another wave of penalties against Russia as the conflict entered its fourth year.
Analyst Arne Lohmann Rasmussen said the measures would likely have a tangible impact on Russian operations. Bloomberg reported that Indian refineries expect Russian crude imports to drop nearly to zero due to the restrictions. Russia’s foreign ministry warned the sanctions could damage diplomatic efforts to resolve the war.
Gold recovered from recent losses, rising more than 1 percent to around 4,100 dollars per ounce. Beijing announced that tariff negotiations with Washington will start on Friday. Tesla shares faced pressure after reporting lower profits, blamed partly on American tariffs, despite higher sales volumes.
