At around 10:20 AM in Lisbon, the price of Brent crude oil from the North Sea for delivery in December rose by 5.05% to $65.75, reported AFP.
Meanwhile, its US counterpart, West Texas Intermediate (WTI) crude oil for delivery in the same month, increased by 5.18% to $61.53.
The US Treasury Department announced sanctions on Wednesday against the two largest Russian oil companies in response to Russia’s “lack of serious commitment to a peace process to end the war in Ukraine.”
Before the official stock market opening on major European exchanges, Brent, a benchmark in Europe, rose by 3.15% to $64.57 per barrel, while WTI increased by 3.32% to $60.44 per barrel.
