Oil prices extended gains on Wednesday after the US announcement of an embargo on Russian energy imports, and the UK’s plan to phase out Russian gas supplies.
International benchmark Brent crude was trading at $131.12 per barrel at 0611 GMT for a 2.4% gain after closing the previous session at $127.98 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $126.31 per barrel at the same time for a 2.1% increase after the previous session closed at $123.70 a barrel.
Crude oil prices rose after the US announced a ban on Russian energy imports in retaliation against Russia’s actions in Ukraine, prompting a nearly 5% jump in crude prices.
Of the 4.8 million barrels of daily crude supplies from Russia, the US imported only 200,000 barrels per day of Russian crude last year, while the UK imported less than half that amount.
