WASHINGTON (dpa-AFX) - Crude oil prices continued to surge on Tuesday as markets price in a significant disruption to Russian oil exports.
Benchmark Brent crude futures rose about 2 percent to $125.68 per barrel, while WTI crude futures were up 1.9 percent at $121.70 amid fears of more penalties against Russia.
A top Russian official has warned that a Western ban on Russian oil imports could result in oil prices more than doubling to about $300 per barrel and prompt the closure of the main gas pipeline from Russia to Germany. Europe is heavily dependent on Russian gas.
The third round of peace talks between Russian and Ukrainian negotiators failed to achieve significant results in Belarus on Monday.
The talks will continue, but Russian President Vladimir Putin has warned that Ukraine must agree to his demands for the conflict to end.
U.S. President Joe Biden is considering a ban on imports of Russian oil while weighing actions that would boost energy production by autocracies in the hopes of mitigating the effects on American consumers and global energy markets, U.S. officials reportedly said.
Uncertainty about a revival of Iran's nuclear deal with world powers also contributed to supply concerns.
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