Oil prices jumped on Thursday after the U.S. imposed sanctions on major Russian oil companies over Russia's war in Ukraine.

Brent crude futures were up 5%, while West Texas Intermediate crude futures climbed more than 5.2% as of Thursday morning.

The Trump administration on Wednesday moved to sanction Russia's largest oil producers , Rosneft and Lukoil, over their role in funding the Russian war in Ukraine, which has become Europe's biggest land war since World War II.

"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 Bessent said in a statement. "We encourage our allies to join us in and adhere to these sanctions."

Russian oil and gas revenue, whic

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