It is important for everyone to be realistic,” Rubio said, insisting concessions will have to be made by all sides, while describing an end that would require Ukraine giving up on any idea of recapturing significant territory from the Russian invaders.

The comments on Thursday by Donald Trump’s nominee to be Treasury secretary pushed up oil prices, as traders considered the prospect of tighter global crude supply. The new administration is also expected to target Iranian and Venezuelan oil with tougher sanctions as Trump seeks to increase economic pressure on the US’s adversaries.