Oil prices jump as US discusses Russian import ban

The price of oil jumped again on Sunday as the United States considers an embargo on Russian imports in response to the war in Ukraine. ...

The price of oil jumped again on Sunday as the United States considers an embargo on Russian imports in response to the war in Ukraine.

The cost of Brent, the international benchmark, Pink around 10%, reaching $130 a barrel on Sunday evening. In early December, it was around $65 a barrel.

Secretary of State Antony Blinken noted Sunday that the United States was considering banning imports of Russian oil. Republicans and Democrats in Congress have been to push President Biden to ban Russian oil as they seek new ways to punish the government of President Vladimir V. Putin.

Russian energy represents a small fraction of US imports, and Russia is already struggling to export its oil even in the absence of sanctions, as traders and refiners reduce their purchases of Russian crude for reasons as varied as the reputational risk and safety of oil tankers in times of war. zoned.

Still, Mr Biden and his advisers had resisted calls for more aggressive sanctions on Russian oil, saying they feared it would send fuel prices skyrocketing. The average price of a gallon of gasoline reached $4,009 on Sunday, according to AAAapproaching the highest level since 2008.

On Sunday, however, Mr. Blinken said the Biden administration was seriously discussing an oil embargo.

“We are now talking with our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while make sure that there is always an adequate supply of oil in world markets,” he said. noted on CNN. “It’s a very active discussion as we speak.

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Newsrust - US Top News: Oil prices jump as US discusses Russian import ban
Oil prices jump as US discusses Russian import ban
Newsrust - US Top News
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