WASHINGTON (dpa-AFX) - Oil prices jumped more than 5 percent on Thursday, rising for a third consecutive session on fears of tightened global supply.
Benchmark Brent crude futures soared 5.1 percent to $65.79 a barrel in European trade, while WTI crude futures were up 5.2 percent at $61.56.
Supply concerns resurfaced as U.S. President Donald Trump imposed Ukraine-related sanctions on Russia for the first time in his second term.
Trump slapped 'tremendous' new sanctions on Russia's two largest oil companies in a bid to pressure his Russian counterpart, Vladimir Putin, into ending the war in Ukraine.
'Treasury will continue to use its authorities in support of a peace process,' according to an official statement from the U.S. Treasury.
In another related development, EU countries today formally adopted a 19th package of sanctions against Russia for its war against Ukraine that includes a ban on Russian liquefied natural gas imports.
'It's a significant package that targets main Russian revenue streams through new energy, financial, and trade measures,' the Danish rotating presidency of the EU said.
The new sanctions against Russian crude are expected to reduce global crude supply, offsetting market concerns about an oil glut.
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