Global oil prices spiked over 2% on Thursday after US President Donald Trump announced tough sanctions on Russia’s two biggest oil firms, following stalled peace talks with Vladimir Putin over the Ukraine war. 🛢️🔥
Both Brent Crude and WTI rose nearly 3%, as markets reacted sharply to the news. The spike also followed reports that the White House plans to restrict software exports to China, deepening market uncertainty.
The European Union has also joined in, rolling out new sanctions to pressure Moscow to end its three-and-a-half-year invasion of Ukraine.
Trump said he was frustrated that peace talks with Putin had failed to progress after a planned Budapest summit collapsed earlier in the week.
“Every time I speak with Vladimir, we have good conversations, and then they don’t go anywhere,” Trump told reporters from the Oval Office.
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