Oil prices jump as US bans Russian crude imports – The National

Oil prices jump as US bans Russian crude imports – The National

Live updates: follow the latest news on Russia-Ukraine

Oil prices surged past $130 a barrel on Tuesday, their highest since 2008, after President Joe Biden announced that the US would ban crude, gas and coal imports from Russia, intensifying its sanctions on the world's second-largest energy exporter after its military offensive in Ukraine.

Brent, the global benchmark for two thirds of the world's oil, hit $131.28 a barrel, and West Texas Intermediate – the gauge that tracks US crude – jumped to $126.74 at 8.12pm UAE time.