Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers that are designed to curb the revenues of the world's second-largest oil exporter.

STORY: Chinese and Indian refiners are scouring the globe for supplies of crude, according to traders speaking to Reuters..It follows a move by the US last week to impose sanctions on Russian oil producers Gazprom Neft and Surgutneftegas.

U.S. and global benchmark crude-oil prices settled Monday at their highest since August as investors focused on the potential supply hit from further tightening of U.S. sanctions on Russia’s oil sector.

The Biden administration has issued new restrictions on the export of US-developed computer chips that power artificial intelligence (AI) systems, in a final effort to prevent rivals like China from accessing the advanced technology,

The Biden administration is set to announce a new rule to regulate the export of advanced AI chips, aiming to restrict access for nations like China while trading with 18 key allies and partners.

President Joe Biden is planning one more round of export restrictions on AI chips to limit some countries' access to the key technology.