MANILA, Philippines (AP) — Shares were mostly lower in Asia on Thursday following a retreat on Wall Street, while crude prices jumped more than $2 after U.S. President Donald Trump announced sanctions on Russian oil giants.

The sanctions against Rosneft and Lukoil are intended to drive Russian President Vladimir Putin to the negotiating table and help end Moscow’s brutal war on Ukraine.

Meanwhile, European Union leaders were holding a summit Thursday, aiming to greenlight still more sanctions against Russia and press ahead with plans to use Moscow’s assets that are frozen in Europe to fund Ukraine’s war effort and economy for at least the next two years.

U.S. benchmark crude oil gained $2.31 to $60.81 per barrel. Brent crude, the international standard, rose $2.38 to $64.97 per barrel.

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