new York Discussions about an import ban on Russian oil pushed the price of crude oil up to $139 a barrel at the start of trading in Asia on Monday night. Meanwhile, the price of Brent oil rose by 18 percent before falling back to almost 129 barrels. The Brent oil price is thus approaching its all-time high from 2008 at $147.50 per barrel. Last week alone, the Brent price rose by 21 percent.
Should the West impose an import ban on Russian oil, it would be a “massive shock to global markets,” warns Ethan Harris, an economist at Bank of America. The nervousness on the markets was clearly noticeable on Monday night.
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