NEW YORK (AP) — U.S. stocks are rising to the cusp of their records on Thursday, as oil prices jump after President Donald Trump announced “massive” new sanctions on Russia’s crude industry.

The S&P 500 climbed 0.7% and crept back within 0.1% of its all-time high set earlier this month. The Dow Jones Industrial Average added 192 points, or 0.4%, and was just below its own record set earlier this week. The Nasdaq composite was 1% higher, with a little less than an hour remaining in trading.

Companies in the oil and gas business led the way, including gains of 1.5% for Exxon Mobil, 3% for ConocoPhillips and 4% for Diamondback Energy. They rose with prices for crude, which leaped roughly 5.5% after Trump announced sanctions against Russian oil giants Rosneft and Lukoil.

The hope is to conv

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