Trump Sanctions Spark Global Market Turmoil as Oil Prices Surge

Trump’s new sanctions on Russia’s oil giants, Rosneft and Lukoil, have sent shockwaves through global markets. Brent crude surged nearly 4%, reaching close to $65 per barrel, while U.S. benchmark oil traded around $61. The sanctions mark a significant shift in Trump’s policy toward the Kremlin after his earlier openness to negotiations with Moscow. These actions could disrupt Russian oil exports, which account for almost half of Russia’s total crude shipments, impacting the country’s ability to fund its war effort. The move also has far-reaching consequences for global energy markets.