Oil prices jumped around 2.5 per cent on Thursday, extending gains from the previous session, as supply concerns resurfaced after the United States imposed sanctions on major Russian oil suppliers Rosneft and Lukoil over the Ukraine war.

Brent crude futures were up by $1.56, or 2.49 per cent, at $64.15 per barrel by 0303 GMT, while US West Texas Intermediate crude futures were up $1.53, or 2.62 per cent, at $60.03.

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. For months into his second term, President Donald Trump has resisted pressure from US lawmakers to impose energy sanctions, hoping that Russia would agree to end the fighting. But with no end in sight, he said he felt it was time.

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