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Global oil prices rallied more than 5% after the US sanctioned Russia's two largest oil companies, Lukoil and Rosneft. The EU also added two Chinese refiners and a trader to its Russia sanctions list.
Sanctions on major Russian exporters and buyers tighten crude supply and raise the risk of lost Russian barrels, lifting crude and diesel costs for feed producers and transport. Higher energy costs also feed through to freight and processing.
reuters.comSeher DareenOct 23, 2025After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Sanctions on Russia's two largest producers plus EU listings of Chinese refiners flipped futures into backwardation, signaling tight supply and fueling the rally.
It reports the sanctions-driven rally and the return to backwardation, which reflects tighter supply expectations; the Oct 23 date suggests it is a follow-up report.
