Trump has threatened sanctions on Moscow and secondary sanctions on countries that buy its oil if no moves are made to end the war in Ukraine. China and India are the top two buyers of Russian oil. The president last week imposed an additional 25% tariff on Indian goods, citing its continued imports of Russian oil.

The hype surrounding the historic summit Friday between U.S. President Donald Trump and Russian President Vladimir Putin makes clear that Russia — even under global sanctions — remains a powerhouse in the energy market.

Oil prices climbed on Thursday as investors weighed what impact the U.S.-Russia summit on Ukraine on Friday might have on Russian crude flows, with secondary sanctions looming over Moscow's customers,

Ukraine’s drone campaign against Russian energy assets has taken out another major target—this time Lukoil’s Volgograd refinery, one of the ten largest in the country, forcing a halt to crude intake.

An oil refinery in Russia’s Samara Oblast caught fire following a drone attack on the facility overnight on Aug. 15, local media reported. The attack occurred in Syzran, the third largest city in Samara Oblast.