Oil prices jump as US discusses Russian import embargo

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Oil prices jump as US discusses Russian import embargo

Oil prices jumped again on Sunday as the United States considers imposing sanctions on Russian imports in response to the war in Ukraine.

International benchmark Brent crude prices rose nearly 10 per cent to $130 a barrel on Sunday evening. At the beginning of December, it was priced at around $65 a barrel.

Secretary of State Antony Blinken said on Sunday that the US was considering imposing sanctions on Russian oil imports. Republicans and Democrats in Congress are pressuring President Biden to impose sanctions on Russian oil as they explore new ways to punish the government of President Vladimir V. Putin.

Russian energy represents a small portion of US imports, and Russia has been having trouble exporting its oil even in the absence of sanctions, as traders and refiners consider purchasing Russian crude oil at reputational risk and war with tankers. for reasons such as security. Area.

Still, Mr Biden and his advisers have resisted calls for more aggressive sanctions on Russian oil, saying they are concerned it will drive up fuel prices. According to AAA, the average price of a gallon of gas peaked at $4.009 on Sunday, the highest level since 2008.

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

On CNN, he said, “We are now talking to our European partners and allies to look in a coordinated manner at the possibility of imposing sanctions on Russian oil imports, while ensuring that world markets have a fair supply of oil right now.” is also.” “It’s a very active discussion as we speak.

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