Oil prices began trading higher on Tuesday in light of reports by US officials, who are examining the possibility of a ban on Russia’s oil and natural gas exports as part of US sanctions against Moscow over its invasion of Ukraine. .
U.S. crude oil prices rose more than $ 121 a barrel in early trade on the New York Mercantile Exchange, reaching its highest level since 2008 yesterday.
And the effects of the Russian war on Ukraine continue to plague global commodity markets, from wheat to nickel and natural gas. As prices rise, the global economy is threatened by a strong wave of inflation.
And US House of Representatives Speaker Nancy Pelosi said last Sunday that the council was considering enacting “strong legislation” to prevent Russia from exporting its oil and natural gas production, with the aim of increasing economic pressure under President Vladimir Putin’s administration. .
On the other hand, there is a split between the governments of the EU countries over this move because energy supplies from Russia, especially natural gas, cover about a third of their needs.
Total Energy, a French energy company, became the first major energy company to announce that its traders could no longer buy Russian crude, although most buyers have already opted out of buying crude oil for fear of developing Western sanctions against Russia.
West Texas Intermediate crude rose 2% to $ 121.78 a barrel for delivery next April, after rising 3.2% yesterday in New York trade at 5:33 am London time.