Oil prices jump after U.S. sanctions Rosneft and Lukoil

Oil prices have jumped after the United States has sanctioned Russia’s two largest oil companies.

Following the U.S. move, Brent crude is up 3.8% at $64.95 per barrel, on top of a 2% rise on Wednesday.

Yesterday, Brent crude futures were up $3.03 or 4.94% at $64.35 after settlement at 22:00 GMT and WTI crude futures climbed $1.42 or 2.43% to $59.92.

Earlier, Brent futures settled $1.27, or 2.07%, higher at $62.59 a barrel, while WTI crude futures climbed $1.26, or 2.20%, to $58.50.

The White House’s new measures against Rosneft and Lukoil are the U.S.’s first sanctions against Russia since Trump’s return to office in January.

Oil prices were also supported by growing U.S. energy demand. Supply concerns flared on news that a summit between Trump and Russian President Vladimir Putin had been put on hold.