Oil prices soar as western allies discuss Russian import ban

Author: Editors Desk Source: Financial Times

March 7, 2022 at 06:27

Brent crude hits $139 as Moscow says it will pause bombing to allow civilians out of Ukrainian cities

Oil prices soared on Monday to more than $139 a barrel after the US said it was in “active discussions” to ban Russian crude imports, shaking markets as Moscow claimed it would pause bombing in Ukraine to allow civilians to escape four frontline cities.

The international benchmark Brent surged to $139.13 a barrel on Monday morning, almost 20 per cent above its settlement price on Friday, hitting its highest level since the 2008 financial crisis.

The jump came after US secretary of state Antony Blinken said on Sunday he was discussing an oil ban with allies and US president Joe Biden. The White House had previously been reluctant to consider the move, warning it would drive up prices for consumers.

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