Oil prices rose on Tuesday, with Brent surging past $126 a barrel, as fears of formal sanctions against Russian oil and fuel exports spurred concerns about supply availability.
Benchmark Brent crude futures for May climbed $3.07 to $126 a barrel.
U.S. West Texas Intermediate crude futures for April delivery rose $2.29 to 121 a barrel.
The United States, the world’s biggest oil consumer is set to ban Russian oil imports following Russia’s invasion of Ukraine on Feb. 24TH.
Russia on Monday warned it could stop the flow of natural gas through pipelines from Russia to Germany in response to Berlin’s decision last month to halt the opening of the controversial new Nord Stream 2 pipeline.
If all of Russia’s oil exports were blocked from global markets, analysts have said prices could rise to $200 a barrel, while Russia’s deputy prime minister said oil could soar to more than $300.