Oil had one of its biggest days of the year after the U.S. added new sanctions on Russian energy firms, but tight futures positioning set the stage for the big move.

WTI crude climbs toward $60 while natural gas nears $3.70, supported by falling stockpiles and improving risk sentiment across commodity markets.

U.S. and world stocks rose on Thursday, boosted by a cooling in U.S.-China trade tensions, while oil prices rocketed 5% after Washington sanctioned two Russian oil giants, raising concern about global supply.

West Texas Intermediate (WTI) futures opened at $57.50 per barrel (bbl) on October 21, 2025. Brent crude opened at $61.00 per barrel. Both benchmarks remain closely watched gauges of global energy supply and demand. WTI futures are trading at $57.21/bbl, as of 9:24 a.m. ET. That’s down 0.49% since yesterday’s close.

Oil prices on Wednesday scored their biggest one-day gain in a month, as traders weighed how the recent drop in prices could keep a lid on the flow of global crude supplies.

The European Union has sanctioned two mainland Chinese oil refineries and one Hong Kong-based oil trader as part of its latest efforts to hobble Russia's war economy, drawing a stern rebuke from Beijing.

U.S. stocks are drifting near their record heights. The S&P 500 added 0.6% Thursday and crept back within 0.2% of its all-time high set earlier this month.

Oil and natural gas prices rise as geopolitical risks tighten supply, with traders watching $64 resistance and upcoming inflation data for direction.

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