BySiladitya Ray,
Forbes Staff.
Global oil prices spiked early on Thursday after President Donald Trump’s administration imposed a new set of sanctions targeting Russia’s two largest oil companies, Rosneft and Lukoil, and threatened further action unless Moscow agreed to a ceasefire in its ongoing war with Ukraine.
The global benchmark Brent Crude Futures rose more than 3.7% to nearly $65 per barrel early on Thursday morning.
The U.S. benchmark West Texas Intermediate Futures also rose 3.9% to $60.76 per barrel.
