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A fresh wave of U.S. sanctions on Russia's largest oil companies, ordered by President Donald Trump, jolted energy markets back to life on Thursday—sparking a crude rally and lifting battered American oil stocks sharply higher.
West Texas Intermediate (WTI) crude futures jumped over 5% to trade above $61 per barrel by 8:30 a.m. ET, reversing from a Monday low of $56 that had marked the weakest price since April 2025.
On Wednesday, the U.S. Treasury imposed sweeping sanctions on Rosneft and Lukoil, Russia's two largest oil producers, as part of a broader effort to pressure Moscow into agreeing to a ceasefire in Ukraine.
The sanctions target not only the parent firms but also over 30 subsidiaries involved in upstream exploration, refining and distribution.
“Given President Putin's refusal to end this senseless war, Treasury is sanctioning Russia's two largest oil companies that fund the Kremlin's war machine,” Treasury Secretary Scott Bessent said.
The sanctions effectively freeze any U.S. assets tied to Rosneft and Lukoil and block American firms from doing business with them. This means less Russian oil on global markets, just as inventories had started to build and prices were softening.
Furthermore, the Treasury indicated that foreign financial institutions that facilitate major transactions or provide services to Russia's military-industrial complex or sanctioned energy firms now face heightened risk of U.S. sanctions.
The potential for secondary penalties adds a new layer of pressure, threatening to further choke off global funding to Russia's oil and gas sector.
“We encourage our allies to join us in and adhere to these sanctions," Bessent added.
Prior to Thursday’s 5% rally, oil prices had fallen nearly 15% over the past two months amid signs of slowing demand and rising U.S. production.
But geopolitical risk is once again back at center stage, with the market recalibrating the potential for supply disruption.
The rally in oil prices translated immediately into Wall Street gains for energy companies, especially those focused on exploration and production. The Energy Select Sector SPDR Fund (NYSE:XLE), which tracks U.S. energy giants, climbed 1.6% in Thursday's premarket, with 21 of its 22 constituents in the green.
Here are 10 of the biggest premarket movers:
As of Wednesday's market close, the XLE ETF had gained just 1.7% year to date—ranking as the worst performer among the S&P 500's eleven sectors.
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