Brent futures rose US$3.40, or 5.4%, to settle at US$65.99 a barrel, while US West Texas Intermediate (WTI) crude rose US$3.29, or 5.6%, to settle at US$61.79.
NEW YORK: Oil prices surged around 5% to a two-week high on Thursday after the US imposed sanctions on major Russian suppliers Rosneft and Lukoil over Moscow's war in Ukraine, prompting energy firms in China and India to consider cutting Russian imports.
Brent futures rose US$3.40, or 5.4%, to settle at US$65.99 a barrel, while US West Texas Intermediate (WTI) crude rose US$3.29, or 5.6%, to settle at US$61.79.
