Oil prices surged 5% to a two-week high after U.S. sanctions on major Russian suppliers Rosneft and Lukoil due to the war in Ukraine. Brent futures rose $2.91 to $65.50, while U.S. WTI crude rose $2.89 to $61.39, the highest since October. Diesel futures jumped 5%, and Chinese state oil majors suspended purchases of Russian oil. OPEC may offset any shortage, but refineries in China and India need alternative suppliers to avoid exclusion from the Western banking system. India, the largest buyer of discounted Russian crude, may sharply curtail imports due to the new sanctions.

Read more at Yahoo Finance: Oil prices surge 5% as US hits Russian firms Rosneft, Lukoil with sanctions