NEW YORK (AP) — U.S. stocks are drifting near their record heights on Thursday, as oil prices jump after President Donald Trump announced “massive” new sanctions on Russia’s crude industry.

The S&P 500 added 0.4% and crept back within 0.4% of its all-time high set earlier this month. The Dow Jones Industrial Average rose 70 points, or 0.2%, and was near its own record set earlier this week. The Nasdaq composite was up 0.5%, as of 10 a.m. Eastern time.

Big U.S. oil companies helped drive the market higher, including gains of 1.1% for Exxon Mobil, 3.8% for ConocoPhillips and 4.1% for Diamondback Energy. They rose with prices for crude, which leaped roughly 5% after Trump announced sanctions against Russian oil giants Rosneft and Lukoil.

The hope is to convince Russia’s president, Vladimir

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