Oct 23 (Reuters) - UBS said on Thursday that fresh U.S. and EU sanctions targeting Russian energy firms could introduce short-term volatility to crude prices but are unlikely to spark a sustained rally due to oversupply in the global oil market.

The bank forecasts Brent crude prices to remain in the $60-$70 per barrel range, adding that previous sanctions had little effect on Russian export volumes, as oil continued to move via alternative channels.

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"We recommend that investors monitor enforcement and potential supply responses from other producers," UBS said.

https://www.reuters.com/business/energy/ubs-sees-short-term-volatility-oil-market-after-new-us-sanctions-oversupply-2025-10-23/