Shares of energy companies rose as oil futures spiked due to new U.S. sanctions on the Russian oil industry.
Benchmark U.S. crude futures jumped almost 4% to top $76.57 a barrel, testing the $77 level for the first time since early October as icy weather in Texas threatened domestic supply, and reports of tighter sanctions on Russia and Iran raised concerns about global supplies.
Benchmark U.S. crude futures jumped almost 4% to top $76.57 a barrel, testing the $77 level for the first time since early October as icy weather in Texas and the oil patch threatened domestic supply, and reports of tighter sanctions on Russia and Iran raised concerns about global supplies.
The Biden administration's new sanctions on Russia target two major oil producers, liquefied natural gas production and elements of the nation's so-called dark fleet of tankers used to carry oil to non-Western buyers.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-10-25 1737ET
