U.S. crude oil surges more than 7% as the market continues to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.
Christopher Occhicone / Bloomberg via Getty Images fileU.S. crude oil surged more than 7 percent in Sunday evening trade as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already-high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.” Meanwhile, Speaker Nancy Pelosi said in a letter to Democratic colleagues on Sunday evening that the U.S. House of Representatives is “exploring strong legislation” to ban the import of Russian oil — a move that would “further isolate Russia from the global economy.”
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