Brent crude prices soared today amid reports that US may ban Russian oil imports

The price of Brent crude, the international benchmark, soared by more than five per cent on Tuesday as President Joe Biden was expected to announce a US ban on Russian oil imports.

The price of a barrel reached $129.92 at 1430 GMT, an increase of 5.45 percent.

On Monday (March 7), crude oil had soared to 14-year high levels on the back of Russia’s invasion of Ukraine, which resulted in the US imposing sanctions on Moscow, impacting the country’s trade and economy.

The energy sector though remained largely unaffected from the initial US sanctions and restrictions imposed on Moscow by European nations, mainly because Europe gets around 10 per cent of its oil supplies from Russia.

However amid reports that US, which is the world’s biggest consumer of oil, may ban Russian oil imports, crude prices have surged.