President Donald Trump has announced sanctions against Russia's largest oil companies due to their country's insufficient efforts to resolve the ongoing conflict in Ukraine. This decision also comes with the cancellation of a planned meeting with Russian President Vladimir Putin. These actions highlight the U.S. commitment to holding Russia accountable and supporting Ukraine, which is crucial for international stability and the rule of law.

Oil prices surged following the announcement of new sanctions by the US on Russia's major oil producers. This move by President Donald Trump is aimed at increasing pressure on Vladimir Putin to engage in negotiations to resolve the ongoing conflict in Ukraine. The rise in oil prices reflects market reactions to geopolitical tensions and the potential for reduced supply from Russia, making this a significant development for both the energy sector and international relations.