J P M O R G A N Global Commodities Research 15 July 2025 Oil Markets Weekly Sanctioning Russia—oil becomes a sideshow Global Commodities Research Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com JPMorgan Chase Bank NA Jahangir Aziz (1-212) 834-4328 jahangir.x.aziz@jpmorgan.com J.P. Morgan Securities LLC Prateek Kedia (1-646) 326 1124 prateek.kedia@jpmchase.com J.P. Morgan India Private Limited Lyuba Savinova (1-212) 270-3781 lyuba.savinova@jpmchase.com JPMorgan Chase Bank NA Sanctioning Russia—Oi ...