Oil prices rose today (Tuesday), with the United States and Europe intending to impose more sanctions on Russia, amid reports of atrocities committed by its forces against Ukrainian civilians, according to the German news agency.
West Texas Intermediate crude for May delivery rose 9.1% to 23.105 dollars a barrel on the New York Mercantile Exchange, at 7:19 am London time. Brent crude, the June settlement, also rose by 9.1% to $57.109, according to data from Bloomberg News Agency.
And US National Security Adviser Jake Sullivan said that Washington intends to announce additional punitive measures against Russia this week, indicating that they may include more energy-related restrictions.
Fears of tight supplies come despite the United States announcing the release of huge amounts of its strategic oil reserves, in an attempt to calm prices.