Brent crude oil price has increased to $128.60 per barrel on Sunday, the highest price seen since 2008 as the market continues to react to supply disruptions from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.
Brent had risen to $139.13 at one-point on Sunday before closing at $128.60.
This is as the United States and its allies are considering banning Russian oil and natural gas imports, Secretary of State Antony Blinken said in an interview on Sunday.
“We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets,” he said.
According to CNBC, the price of US crude oil also surged more than eight per cent in early trading on Sunday evening. Precisely, the West Texas Intermediate crude futures, the US oil benchmark, traded eight per cent higher to above $125 a barrel, the highest since July 2008. At one point the price rose to $130.50 Sunday evening before retreating.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital.
“Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.”
The US and its allies are considering banning Russian oil and natural gas imports, Secretary of State Antony Blinken said in an interview with CNN’s “State of the Union” on Sunday.
“We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets,” he said. “That’s a very active discussion as we speak.
