Crude oil surges 3% after the United States imposes sanctions on major Russian oil exporters

WTI oil opened with an upside gap and advanced nearly 3% during Asian and early European trading on Thursday, driven by President Trump’s decision to impose sanctions on two major Russian oil suppliers.

The move coincides with a new EU sanctions package targeting Russia and a decision to halt purchases of Russian natural gas. It represents part of a broader effort by the US administration to pressure major global buyers to cut imports of Russian crude. Media reports indicate that the campaign has had limited success so far, though India has reportedly signaled a possible review of its future buying plans.

The coordinated action by the US and EU triggered a sharp rebound in oil prices, lifting WTI by more than $2 today and improving the short-term technical outlook. The rally retraced over 50% of the $66.40–$55.96 decline, while the daily momentum indicator turned positive, opening the way for potential further gains.

Bulls are now testing immediate resistance levels at $62.26/41 (55-day moving average / 61.8% Fibonacci retracement), with a more significant barrier at the base of the daily Ichimoku cloud ($63.32–$65.97). A sustained break above this zone is needed to confirm a stronger bullish reversal; otherwise, the recovery may stall and turn into a corrective phase within the broader downtrend.

Res: 62.26; 62.42; 62.90; 63.32
Sup: 61.19; 60.38; 60.00; 59.03