Oil prices surged over 5% after the US imposed new sanctions on Russia’s top oil producers, Rosneft and Lukoil. The sanctions freeze their US assets and block American businesses from engaging with them, weakening Russia’s ability to fund its invasion of Ukraine. India and China are already preparing to cut Russian oil imports.

US sanctions on Russian oil majors are expected to disrupt supplies, potentially pushing oil prices to $70 a barrel. Indian refiners are reviewing Russian oil contracts, while China’s state oil companies are suspending their Russian oil purchases. British oil majors Shell and BP saw their shares rise, while US majors ExxonMobil and Chevron also saw modest gains.

Read more at Yahoo Finance: Oil Spikes as US Sanctions Russian Producers to Undermine Putin’s War Machine