US, EU sanctions lift oil; gas prices may rise
The United States and European Union imposed new sanctions on Russian oil companies on Thursday, prompting a jump in global oil prices that could raise gasoline costs for Minneapolis–Saint Paul drivers in coming days. Analysts and industry watchers say higher crude and wholesale fuel prices typically flow through to the pump, with timing dependent on station inventories and supply contracts.
📌 Key Facts
- US and EU announced new sanctions targeting Russian oil companies on Oct. 23, 2025
- Global oil prices spiked following the announcement
- Higher wholesale costs could lift Twin Cities pump prices as inventories turn over