After news of sanctions, Brent oil rises 3.5% to $64.79 per barrel

Oil prices surged over 3.5% following the U.S. Treasury Department’s sanctions on Russian oil companies Rosneft and Lukoil.

On the London ICE Futures exchange, December Brent futures rose $2.20 (3.51%) to $64.79 per barrel. On Wednesday, Brent had gained $1.27 (2.1%) to reach $62.59 per barrel.

Meanwhile, on the New York Mercantile Exchange (NYMEX), December WTI futures increased $2.08 (3.56%) to $60.58 per barrel, after rising $1.26 (2.2%) in the previous session to $58.50 per barrel.