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.