Hallow rings in Lightroom

Do you mean the large, faint rings as marked in red below? If so, that may be a form of lens vignetting, possibly interacting with vignetting settings in the Develop module. If that is what you’re talking about, first try to address it using a Lens Profile (if available) and the vignetting correction in the Develop module, but if that doesn’t adequately address it, it might be possible to treat the lens vignetting using the Flat Field Correction feature in Lightroom Classic.

This problem is sometimes difficult to see, but applying local contrast corrections like Clarity and especially Dehaze can emphasize it. So another possibility is that you have simply applied way too much Dehaze and Clarity (Dehaze especially should be under +10 unless you are specifically trying to clear out haze). Some users turn to Dehaze and Clarity too quickly when all that needs to be done is to apply normal contrast controls first.

I just realized what rings you are referring to. I don't know what caused them, possibly flare. Did you use a lens hood?

Anyway, what I wrote in my previous post still stands.

The "rings" are noise.

A correctly exposed image at ISO 125 should be noise free, so my guess is that this image is severely underexposed, and to compensate for this, you have dragged the Exposure slider and/or Shadows slider to the right.

This will inevitably bring out noise, and additionally, Clarity and Dehaze will accentuate any noise in the image.

On top of this, you have not used the Masking slider when applying sharpening, so that the noise has been sharpened.

Masking lets you protect flat areas (where noise is most visible) from sharpening. Hold down the Alt/Option key while dragging the slider- White areas will be sharpened, black areas will not be sharpened.

You may find this article helpful: Exposing a digital image

Because of the sharp noise, the file size for this jpg is 11 MB, so I had to resave it to get a file size below 10 MB, which is the maximum file size for inserted photos on this forum.

For a better understanding of the connection between image content and jpg file size, see this article:

File formats

Assuming we are talking about the big cloudy ring....

Seeing the sun peeking in at the top-left corner, does this effect happen when the sun is not in the frame?

Make sure you preview at 100% (1:1) and ONLY within Develop module: still see the rings? 

Use a screen capture app, and edit the caapture to add some circles or around what youbare trying to show us.