Oil prices spiked Thursday after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

Oil prices have fallen sharply this year as the global supply has remained strong and demand has been slow to grow.

Oil prices rallied as the U.S. tightened sanctions on Russia. Rising prices are unlikely to boost inflation, said Franklin Templeton.

Oil prices on Wednesday scored their biggest one-day gain in a month, as traders weighed how the recent drop in prices could keep a lid on the flow of global crude supplies.

Over 1.2 billion barrels of oil are currently in transit on tankers, driven by increased supply from OPEC+ and non-OPEC+ exporters, longer voyages, and rising production from the Americas.

Russian Central Bank Governor Elvira Nabiullina addressed a news conference on Friday after the central bank cut its interest rate by 50 basis points to 16.5%.Nabiullina spoke in Russian. The quotes below were translated into English by Reuters.

As the Trump administration readies to buy 1 million barrels of crude oil, executive Harold Hamm applauds the move as "a good start" to energy and national security independence.

StanChart has finally joined the bear camp, slashing its 2026 and 2027 oil price outlook by $15 per barrel, triggered by the significant rotation in the forward curve seen over the past year.