Washington (dpa)
Posted on: Tuesday, March 8, 2022 – 9:20 PM | Last update: Tuesday, March 8, 2022 – 9:20 PM
Crude oil futures prices rose in Tuesday afternoon trading, to more than 130 dollars a barrel, against the backdrop of the United States’ decision to impose a ban on oil and natural gas exports from Russia, and Britain’s announcement to stop importing oil from Russia by the end of the year, in light of the escalation of Russian bombing of Ukraine.
In the trading of the London Mercantile Exchange, the international benchmark Brent crude rose to $131.41 a barrel, an increase of $8.21 a barrel from yesterday, while the price of West Texas Intermediate, the US oil standard, rose by $7.91 to $127.21 a barrel.
Yesterday, the price of Brent, for a short period, reached $139 a barrel, while West Texas Intermediate crude reached $130 a barrel.
This comes at a time when US President Joe Biden announced today a ban on US imports of oil, gas and energy from Russia, in a major escalation of Western efforts aimed at constraining Russia’s economy, which increases tension in global oil markets.
“The United States is targeting the main artery of the Russian economy,” Biden said in a speech at the White House. “We will not participate in supporting Putin’s war.”
Biden stated that the war in Ukraine would cause an additional rise in gasoline prices, but he warned the oil and gas industry against excessive and excessive increases in prices.
Britain also intends to take a similar measure to the US measure, as it announced a ban on imports of Russian oil on Tuesday, but it will allow in imports of natural gas and coal from Russia.
Other European countries that rely heavily on Russian fuels will not participate in the ban. It is not yet clear how much effect Biden’s move will have, including the exemptions and the effect on shipments that have already left Russia.
Russia has explicitly threatened to stop natural gas supplies to Europe in televised statements by Russian Deputy Prime Minister and Energy Minister Alexei Novak yesterday.