Oil Jumps After Russia Sanctions, Stocks Add to Gains as Trump-Xi Meeting Confirmed

GLOBAL MARKET - NEW YORK. Oil prices surged more than 5% to a two-week high on Thursday after Washington imposed sanctions on major Russian companies over the Ukraine war, while major stock indexes climbed as gains in U.S. and European energy shares helped to offset some mixed earnings news.

The sanctions, announced late Wednesday, were placed on major Russian suppliers Rosneft and Lukoil. European Union countries also approved a 19th package of sanctions on Moscow that included a ban on Russian liquefied natural gas imports, while Britain hit Rosneft and Lukoil with sanctions last week.