Oil prices jump as U.S. imposes sweeping sanctions against Russia oil industry

Oil prices surged on Friday following the U.S. Treasury Department’s announcement of extensive sanctions against Russia’s oil industry. Brent rose by 2.5% to $78.84 per barrel, while U.S. crude increased by 2.56% to $75.81 per barrel, with Brent hitting a high of $80.75. The sanctions target Russian oil companies, tankers, and energy officials, including Gazprom Neft CEO Aleksandr Valeryevich Dyukov, in an effort to cut off funding for Russia’s actions in Ukraine.

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