In the biggest sanctions strike of Donald Trump’s second term, the U.S. has hit Russia’s top oil giants — Rosneft and Lukoil — sending global crude prices soaring by over 4%. The move is expected to squeeze Moscow’s energy revenues and disrupt India’s oil supply chain, which currently relies on Russia for nearly 36% of its crude. Indian refiners including IOC, BPCL, HPCL, and Reliance are now reviewing contracts and preparing to scale back imports. With Russian barrels under pressure, India may turn to Middle Eastern and U.S. suppliers — a major test for New Delhi’s energy diplomacy and economic stability.

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