Oil Surges to $92 as US Sanctions Target Russian Energy Majors

Crude oil prices spiked sharply, with Brent futures gaining 5% to $92 per barrel after Washington imposed new sanctions on Russia’s Rosneft and Lukoil. The move reignited supply concerns in global energy markets. European majors BP and Shell advanced up to 3%, leading the STOXX energy sub-index higher. Analysts forecast near-term volatility as traders assess potential retaliation and disruptions. OPEC+ officials reiterated readiness to stabilize output if sanctions escalate into broader supply chain constraints.