Energy Markets

The U.S. announced sweeping sanctions on Russia’s two largest oil firms, Rosneft and Lukoil — freezing U.S. property, barring U.S. persons from dealing with the companies and dozens of subsidiaries, setting a Nov. 21 wind‑down deadline and urging allies to join as the EU quickly followed, prompting buyers and some Chinese and Indian firms to pause purchases and sending oil prices higher amid warnings of secondary‑sanctions risk. The announcement, made by President Trump during an Oval Office meeting with NATO chief Mark Rutte as a planned Putin summit was put on hold, came the same day Russia launched a massive drone-and-missile assault on Kyiv — reportedly hundreds of drones and scores of missiles that killed at least six people and wounded dozens, with Ukrainian forces using U.S.-made Patriot batteries in the defense.