Crude oil prices rose by more than $1 per barrel on Thursday, extending gains from the previous session, after the United States imposed sanctions on Russian oil companies Rosneft and Lukoil over the Ukraine war.

Brent crude futures were up by $1.76, or 2.81%, at $64.35 by 0041 GMT, and US West Texas Intermediate crude futures were up $1.68, or 2.87%, at $60.18.

The US said it was prepared to take further action as it called on Moscow to agree immediately to a ceasefire in its war in Ukraine. US President Donald Trump had not previously put sanctions on Russia over the war, relying instead on trade measures.

“Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine," Treasury Secretary Scott

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