Oil prices rose by more than $1 per barrel on Thursday, extending gains from the previous session, after the United States imposed sanctions on Russian oil companies Rosneft and Lukoil over the Ukraine war.

As Zelenskyy lauds Europe and the U.S. for ramping up economic pressure on Putin over the war in Ukraine, Moscow dismisses them as a counterproductive "act of war."

Analysts say Russian flows are unlikely to face major disruption, since the new measures avoid secondary sanctions

The European Union has approved a sweeping new package of sanctions against Russia, intensifying its economic campaign against Moscow’s war machine. Key Takeaways: The EU approved a new sanctions package banning Russian LNG imports and tightening banking and crypto restrictions.