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Oil prices surge after U.S. sanctions on Russia’s largest oil companies

Technical Analysis
By Ahmed Ashraf
Oil prices surge after U.S. sanctions on Russia’s largest oil companies
0 2

USOIL

النفط الخام 23-10-2025

Oil is trading below the resistance area at $61.30, and this zone is likely to limit the pace of the upward movement in today’s trading.

Support

 59.50 56.30 –
Resistance 61.30 62.60

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Oil prices recorded a notable rise during today’s trading, with Brent crude climbing to around $64.5 per barrel, while West Texas Intermediate advanced to about $60.4 per barrel, supported by a strong wave of buying following the new U.S. sanctions on Russian oil giants Rosneft and Lukoil. These developments have raised concerns about Russian oil supplies to global markets, especially after India announced a review of its crude purchases from Russia, prompting investors to reprice geopolitical risks in the energy market.

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Ahmed Ashraf

Technical Analyst & Economic Researcher at LDN Global Markets

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