‎Global oil markets witnessed a sharp spike of over 2% on Thursday after U.S. President Donald Trump announced plans to impose heavy sanctions on two major Russian oil companies.

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‎The move, which immediately sent crude prices soaring, marks a significant escalation in Washington’s efforts to pressure Moscow economically. Analysts say the sanctions could tighten global supply chains and further destabilize energy markets already reeling from geopolitical tensions.

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‎Meanwhile, renewed U.S.-China economic optimism helped lift global stocks, as investors balanced the sanctions shock with hopes of improved trade cooperation between the world’s two largest economies.

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