FirstFT: Crude oil jumps over potential US ban on Russian oil imports

FirstFT: Crude oil jumps over potential US ban on Russian oil imports

The price of oil rose to its highest level since 2008 after US secretary of state Antony Blinken said Washington was in “very active discussions” with its European partners about a ban on oil imports from Russia.

International benchmark Brent hit $139.13 a barrel, almost 20 per cent above its settlement price on Friday. Derek Brower argues that oil prices may still climb higher even if the US shale industry increases production.

The restrictions would have potentially serious ramifications for the global economy and would mark an about-turn by the White House, which had rejected bipartisan calls to ban Russian oil imports to the US, saying an embargo would limit global supply and raise prices for consumers.

But growing energy security concerns triggered could step up Europe’s moves towards self-sufficiency and clean power, said climate envoys.

Attempts to evacuate 200,000 people from the Ukrainian city of Mariupol were abandoned for a second day amid heavy Russian bombardment. The war could lead to the fastest growing refugee crisis in Europe since the second world war, the UN refugee agency has warned. It could also lead to a food crisis in Ukraine as wheat shipments grind to a halt.

The White House confirmed yesterday it was negotiating