Oil Prices Spike Amidst New Sanctions on Russia

Oil prices surged over 5% following new sanctions on Russian companies amid the Ukraine war, boosting energy shares and stock market indexes. The sanctions targeted major firms, including Rosneft and Lukoil. Meanwhile, Wall Street saw gains with anticipation of a Trump-Xi meeting easing trade tensions.

Oil prices jumped significantly, hitting a two-week high after Washington imposed fresh sanctions on key Russian oil companies, fueling a rally in energy stocks worldwide.

In addition to sanctions against Rosneft and Lukoil, the European Union banned Russian LNG imports, further escalating tensions.

Wall Street responded positively as anticipation builds for a meeting between U.S. President Trump and China's Xi Jinping, potentially cooling a trade war, while stocks saw buoyancy from strong earnings reports.

(With inputs from agencies.)