The most serious energy crisis of our times has taken a different unfateful turn as the
oil prices soared to their highs of the session with the U.S. set to ban Russian oil
imports.
WTI Crude Oil jumped 4.6% to trade at $124.90 per barrel whereas Brent Crude the
international benchmark, jumped 5% to $129.42 per barrel.
The USA is set to announce the ban soon and it would be without European
participation and include liquefied natural gas and coal.
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Americans are now paying the most at the pump on record as energy prices surge,
contributing to rampant inflation that’s hitting all areas of the economy.
Russia is a key oil and gas producer and exporter, and the country’s war on Ukraine
is disrupting the global market.
“Given Russia’s key role in global energy supply, the global economy could soon be
faced with one of the largest energy supply shocks ever,” Goldman Sachs said
Monday in a note to clients.
