Oil Prices Jump on Reports U.S. Will Ban Russian Oil and Natural Gas Imports
Multiple news outlets reported that a ban on Russian oil and natural gas is expected as soon as Tuesday.
John Carney 8 Mar 2022, 5:51 AM PST
Oil prices jumped higher on Tuesday morning after news organizations reported that the Biden administration is poised to ban U.S. imports of Russian energy.
The ban will cover Russian oil, liquefied natural gas, and coal, according to a Bloomberg news report citing two anonymous sources. NBC News also reported that “two sources familiar with the matter” said the ban is expected to come Tuesday.
Bloomberg’s report said the decision was made “in consultation with European allies.” Europe is much more reliant on Russian energy, especially Russian natural gas, than the U.S.
Brent crude, the global benchmark, jumped to $129.58. West Texas Intermediate moved up to $124.95.
https://www.breitbart.com/economy/2022/03/08/oil-prices-jump-on-reports-u-s-will-ban-russian-oil-imports/