NEW YORK (AP) — U.S. stocks rose to the cusp of their records on Thursday, as oil prices jumped after President Donald Trump announced “massive” new sanctions on Russia’s crude industry.

The S&P 500 climbed 0.6% and crept back within 0.2% of its all-time high set earlier this month. The Dow Jones Industrial Average added 144 points, or 0.3%, and finished just below its own record set earlier this week, while the Nasdaq composite rose 0.9%.

Companies in the oil and gas business led the way, including gains of 1.1% for Exxon Mobil, 3.1% for ConocoPhillips and 3.4% for Diamondback Energy. They rose with prices for crude, which leaped roughly 5.5% after Trump announced sanctions against Russian oil giants Rosneft and Lukoil.

The hope is to convince Russia’s president, Vladimir Putin, to end

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