U.S. President Donald Trump hit Russia’s two biggest oil companies with sanctions in a sharp policy shift on Moscow’s war in Ukraine, prompting global oil prices to rise by 5% and India to consider cutting Russian imports

Exxon Mobil Corp has held confidential negotiations with Russian state energy giant Rosneft regarding a potential return to the Sakhalin-1 project, according to The Wall Street Journal

Igor Sechin, the head of Russian oil major Rosneft, said the world was facing an acute oil shortage in the long-term due to underinvestment amid a drive for alternative energy, while demand for oil continued to rise