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Trump’s Russia Sanctions Rattle Oil and Gold Markets

Trump’s Russia Sanctions Rattle Oil and Gold Markets

Author:

Global Cryptocurrency

Published:

2025-10-23 13:29:01

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BTCCSquare news:

Oil prices surged while gold tumbled as President TRUMP escalated sanctions against Russian energy giants Rosneft and Lukoil. West Texas Intermediate crude approached $60 per barrel, with Brent gaining 3% to surpass $64. Meanwhile, spot gold fell 2.9% Wednesday, descending toward $4,000 an ounce after a 0.5% Thursday decline.

The sanctions target Kremlin-linked oil companies financing Russia's Ukraine operations. Treasury Secretary Scott Bessent called for allied participation, though Trump expressed hope the measures wouldn't persist indefinitely. Geopolitical uncertainty triggered by the sanctions and broader trade tensions contributed to gold's retreat.

India faces particular pressure as a major Russian oil buyer, with refinery executives anticipating dwindling imports. Trump threatened tariff retaliation unless New Delhi ceases Russian crude purchases entirely.

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