New york: Oil prices jumped more than four percent on Thursday, extending gains from the previous session after the United States imposed sanctions on major Russian oil companies Rosneft and Lukoil.

According to National Iraqi News Agency, Brent crude futures rose $2.71, or 4.3 percent, reaching $65.30. Meanwhile, US West Texas Intermediate (WTI) crude futures also rose $2.56, or 4.4 percent, climbing to $61.06.

Immediately after the announcement of the US sanctions, both Brent and WTI crude futures increased by more than $2 a barrel. This surge was further supported by a surprise drop in US oil inventories.