MARKET MOVEMENTS:
–Brent crude oil is up 4.66% to $65.53 a barrel
–European benchmark gas is up 2.38% to 32.54 euros a megawatt-hour
–Gold futures are up 1.58% to $4,130.8 a troy ounce
–LME three-month copper futures are up 0.37% to $10,663 a metric ton
TOP STORY:
U.S. Imposes Substantial New Sanctions on Russian Oil Giants
WASHINGTON-President Trump has announced substantial new sanctions on Russia's two biggest oil companies as frustration in Washington grows over the war in Ukraine.
The new sanctions, which would be the first direct U.S. measures on Russia during the second Trump administration, target Lukoil and Rosneft as well as nearly three dozen of their subsidiaries. Oil is one of Russia's largest sources of revenue.
OTHER STORIES:
Oil Prices Jump on Russia Sanctions
Energy prices rose, after President Trump introduced substantial new sanctions on Russia's two biggest oil companies.
Brent crude futures surged, while European natural gas prices also climbed. Shares in oil companies such as BP, Shell and TotalEnergies gained.
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China Has Been Stockpiling Oil for Months
New U.S. sanctions threaten Russian oil exports. China--one of the biggest buyers of cut-price crude from Russia--has already spent months building up supplies, shielding it from potential disruption.
China ranks among the largest buyers of Russian oil this year. Chinese customs data shows about 17% of total crude oil imports came from Russia in the first nine months of this year. Much of that intake been stockpiled, analysts say.
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BHP Not in Talks With Governments on Critical-Minerals Projects--But Is Open to It
MELBOURNE, Australia--The chief executive of BHP Group said the world's most valuable miner is open to discussing ways it could extract in-demand critical minerals from its giant operations. But it isn't currently in talks with government officials on any such deals.
Earlier this week, the U.S. and Australia signed a new agreement aimed at shoring up critical-mineral supply chains that included funding for a project to pull gallium, needed for semiconductors, from Pittsburgh-based aluminum giant Alcoa's alumina operations in Western Australia.
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Japan's JERA to Buy Louisiana Shale Gas Asset for $1.5 Billion
Japanese energy giant JERA has agreed to acquire a shale gas asset in western Louisiana for $1.5 billion as part of efforts to build a diversified portfolio and mitigate risks in a volatile energy market.
JERA, a joint venture between Tokyo Electric Power and Chubu Electric Power, said Thursday that it agreed with Tulsa, Okla.-based Williams Cos. and GEP Haynesville II to acquire their interests in the South Mansfield upstream asset located in western Louisiana's Haynesville shale basin.
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Woodside Energy Would Like at Least One More Partner for Louisiana LNG -- Interview
SYDNEY--Woodside Energy signaled a major investment by U.S.-based Williams Cos. in Louisiana LNG likely won't be its last sale of equity in the $17.5 billion project, as it seeks to lower its capital commitments and bring in additional skills.
"We'd like to bring in another partner or partners," said Chief Executive Meg O'Neill in an interview. "But we'll be disciplined."
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World's Top Miner Paints China Iron-Ore Stand-off as Business as Usual
MELBOURNE, Australia--The chair and chief executive of giant miner BHP Group Thursday brushed off market concerns about protracted contract negotiations with China, saying the company continues to sell the iron ore it mines and that it has a good relationship with customers in the Asian nation, the world's dominant commodities buyer.
Annual contract talks on iron-ore sales between BHP and China have been thrust into the spotlight following media reports of a stalemate on price and whether the miner would sell more of its ore in yuan instead of the U.S. dollar, the currency used for most commodity sales worldwide. BHP, the world's top miner by market value, relies on iron ore for more than half its earnings.
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Kaiser Aluminum Shares Climb With Upbeat Adjusted Ebitda Outlook
Kaiser Aluminum shares were on the rise after the semi-fabricated aluminum products maker upped its guidance for adjusted Ebitda for the year.
The stock rose 9.4%, to $85.22, in after-hours trading after the company raised its adjusted Ebitda outlook to improve 20% to 25% year over year.
MARKET TALKS:
Oil Prices Rise as U.S. Sanctions on Russian Sector Surprise Markets -- Market Talk
0941 GMT - U.S. sanctions on Russia's Rosneft and Lukoil took markets by surprise, head of equity funds at Hargreaves Lansdown Steve Clayton says. Prices rise with Brent crude up 5% to $65.74 a barrel and WTI is up 5.15% to $61.51 a barrel. The new measures are in stark contrast to the Trump administration's previous messaging on Russian sanctions, Clayton adds. President Trump said India's Narendra Modi assured him the country will stop purchasing Russian oil but the overall effectiveness of the new sanctions remains to be proven, Clayton says. (adam.whittaker@wsj.com)
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Shares in Europe's Oil Majors Rise on New U.S. Sanctions for Russia's Oil Sector -- Market Talk
0759 GMT - Shares in European oil companies rise in early trade after oil prices were jolted by additional U.S. sanctions on Russia's oil sector. Brent crude rises 3.5% to $64.80 a barrel and WTI is up 3.6% to $60.63 a barrel. The key question is if the sanctions are sufficient to deter China and India from buying Russian oil, ING's head of commodities strategy Warren Patterson writes. London's BP rises 3% while Shell is up 2.2% and Harbour Energy climbs 3.7%. Norway's Equinor is also up 3.7% while France's TotalEnergies rises 2%. Italy's Eni and Spain's Repsol trade up around 2.4%.(adam.whittaker@wsj.com)
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Alcoa Cautions About Spending More on U.S. Smelters -- Market Talk
1820 ET --Alcoa says it will invest about $60 million to modernize part of its Massena, N.Y., aluminum smelter after signing a new 10-year supply contract for hydroelectric power with the New York Power Authority. But CEO William Oplinger says the 50% U.S. tariff on imported aluminum isn't tempting him to spend money on restarting idle production capacity at Alcoa's Warrick, Ind., smelter. "It will cost us probably about $100 million and it will take between one to two years," he told analysts. "Tariffs can and do change over time, so we won't be plowing $100 million into the ground based on a tariff." (robert.tita@wsj.com)
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Alcoa Says Delivery Fee Covering Tariff Costs -- Market Talk
1709 ET - Alcoa says the delivery premium that buyers pay on its aluminum from Canada is now more than offsetting the company's cost for the 50% U.S. tariff on imported aluminum. The premium -- a catch-all fee attached to aluminum purchases to cover costs for tariffs, transportation, warehousing and other expenses -- is currently about 84 cents for pound of aluminum, or about $1,851 per metric ton. The premium price only recently caught up to the cost of the tariff. Alcoa had been paying the shortfall not covered by the premium. Shares down 1% at $35.31 after hours.
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Copper Prices Rise on Supply Concerns -- Market Talk
0829 GMT - Copper prices rise after reports of another mine disruption renewed fears about tight supply, ANZ analysts write. Copper futures on the London Metal Exchange rise 1.4% to $10,808 a metric ton. Approximately 80 miners were trapped when a mine partially collapsed in the Dominican Republic, the analysts write. Supply concerns have been pushing the metal higher. Some analysts expect prices to continue rising given its vulnerability to supply shocks after disruption at major mines this year. (adam.whittaker@wsj.com)
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Antofagasta Issues Light 2026 Copper Production Guidance -- Market Talk
0807 GMT - Antofagasta's 2026 copper production guidance of 650,000 to 700,000 metric tons is light and misses consensus expectations by 4%, RBC Capital Market analysts Ben Davis and Marina Calero write. Positives from its third-quarter production report include the cut to its 2025 capital expenditure and cash costs guidance, the analysts write. However, both of these were expected, they add. Shares trade down 1.6% at 2,595 pence. (adam.whittaker@wsj.com)
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
October 23, 2025 08:34 ET (12:34 GMT)
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