After the United States announced on October 22 a new round of sanctions against Russia and the EU member states agreed on the 19th round of sanctions against Russia, international oil prices rose on October 23 more than 5%, a new high in two weeks.

As of the close on the 23rd, the price of light crude oil futures for December delivery on the New York Mercantile Exchange rose by US $3.29 to close at US $61.79 per barrel, an increase of 5.62%; London Brent crude oil futures for December delivery rose $3.40 to close at $65.99 a barrel, an increase of 5.43%.

U.S. Treasury Secretary Bessent announced on Monday that the U.S. has imposed sanctions on Russia's two largest oil companies, state-owned Russian Petroleum Corporation and private-owned Lux Petroleum Corporation, which, according to Bloomberg estimates, together account for 50 percent of the total Russian oil exports.

Earlier on 22 December, EU member states agreed on a 19th round of sanctions against Russia. European Commission President Von der Leyen issued a statement on 19 July announcing a 19th round of sanctions against Russia. According to the statement, the EU will ban Russian LNG from entering the European market and lower the Russian crude oil price to $47.6 per barrel; Russian Petroleum Commerce and Russian Gas Petroleum will face a full trade ban. According to relevant EU procedures, a new round of sanctions will come into effect after the 27 member states unanimously agree.

Analysts at Kew International macroeconomic consultancy say sanctions against Russia threaten to seriously impact the global oil market, causing a global oil supply shortage next year.