Oil prices climbed in their sharpest gains since June after President Trump announced new sanctions on Russia’s two biggest oil companies, and the European Union ramped up its measures targeting Russia.
Brent crude futures, the global oil benchmark, rose 5.4% to $65.99 a barrel.
WTI, the U.S. oil benchmark, added 5.6%, to $61.79 a barrel.
The moves gave Brent and WTI their biggest one-day gains since June 13, when prices surged after Israel and Iran traded attacks.
European natural-gas prices also rose.
The U.S. sanctions target Lukoil and Rosneft, which produce more than five million barrels of oil each day, according to ING. Nearly three dozen of their subsidiaries are also included in the measures.
