New York, October 24 (QNA) - Oil prices surged more than 5% on Thursday, reaching their highest level in two weeks after the United States imposed sanctions on major Russian oil companies, Rosneft and Lukoil, over Moscow's ongoing war in Ukraine. The move prompted energy firms in China and India to review their imports of Russian crude.

Brent crude futures rose $3.40, or 5.4%, to settle at $65.99 per barrel, while West Texas Intermediate (WTI) crude futures jumped $3.29, or 5.6%, to close at $61.79 per barrel.

The gains marked the largest daily percentage increase for both benchmarks since mid-June, and the highest settlement prices since October 8.

US energy data projects that Russia will become the world's second-largest crude oil producer in 2024, trailing only the United States.

The United States has indicated its readiness to take further measures and called on Moscow to agree immediately to a ceasefire in Ukraine.

Last week, the United Kingdom imposed sanctions on Rosneft and Lukoil, while European Union member states agreed to implement the 19th round of sanctions on Russia, including a ban on imports of Russian liquefied natural gas (LNG). (QNA)