Latest Oil Market News and Analysis for Oct. 23

Oil Jumps as Trump Steps Up Pressure on Russia With Sanctions
Oil jumped after the US announced sanctions on Russia’s biggest producers, as President Donald Trump ramps up pressure on his counterpart Vladimir Putin to negotiate an end to the war in Ukraine.
Brent surged as much as 2.9% to trade above $64 a barrel and West Texas Intermediate rallied after the US blacklisted state-run giant Rosneft PJSC and Lukoil PJSC, citing Moscow’s lack of commitment to Ukrainian peace. Trump is also seeking to squeeze Russia’s key crude buyers — India and China.