Pakistan, Oct. 23 -- Oil prices surged 5% on Thursday after the United States imposed new sanctions on Russia's major oil suppliers, Rosneft and Lukoil. The move, aimed at pressuring Moscow over the Ukraine war, pushed Brent crude to $65.98 a barrel and US West Texas Intermediate (WTI) to $61.81. Analysts said the sanctions will disrupt global supply chains and force Asian refineries to seek new crude sources.

According to Saxo Bank analyst Ole Hansen, refineries in China and India will now have to find alternative suppliers. If they continue buying Russian oil, they risk exclusion from the Western banking system. The US government warned that further action could follow if Russia does not agree to a ceasefire in Ukraine. The European Un...