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Pump prices could rise after US, EU hit Russian oil companies with new sanctions and oil spikes
WASHINGTON (AP) – Oil prices spiked Thursday after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table. U.S. benchmark crude jumped 6%, to $62 per barrel midday Thursday and analysts say if the situation remains static, U.S. consumers will soon be paying more at the pump.