Reported about 8 hours ago
Oil prices jumped by 5% on Thursday, marking the largest increase since June, following the Trump administration's announcement of sanctions against major Russian energy companies, Rosneft and Lukoil, to help resolve the Ukraine conflict. West Texas Intermediate futures surpassed $61 per barrel, while Brent futures approached $65, amidst concerns over enforcement of these sanctions and a forecasted supply glut into 2026, compounded by increased OPEC production.
Source: YAHOO