Oil prices jumped significantly, hitting a two-week high after Washington imposed fresh sanctions on key Russian oil companies, fueling a rally in energy stocks worldwide.

In addition to sanctions against Rosneft and Lukoil, the European Union banned Russian LNG imports, further escalating tensions.

Wall Street responded positively as anticipation builds for a meeting between U.S. President Trump and China's Xi Jinping, potentially cooling a trade war, while stocks saw buoyancy from strong earnings reports.

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