Oil Prices Surge Over 5% After U.S. Imposes Sanctions on Russia

RNE, NETWORK .

October 23, New Delhi:

Oil prices surged by more than five percent on Thursday following new U.S. sanctions targeting Russia’s vital oil industry. The international benchmark Brent North Sea crude rose 5.4 percent, while West Texas Intermediate climbed 5.6 percent.

Russia’s Foreign Ministry warned that the sanctions could hinder diplomatic efforts to resolve the Ukraine conflict. However, it claimed that Russia has developed strong immunity to such sanctions.