Oil jumps 20% as US considers banning Russian crude Business

gHello.

Another week, another jaw-dropping rally in energy prices.

Brent crude jumped as high as $139 after the United States said it was in talks on an embargo on imports from Russia, with reports it could roll out the measure even without backing from Russia. their European allies.

The West has so far refrained from targeting the Russian energy sector with sanctions, given the impact this would have on prices. Still, many traders have decided to avoid Russian oil anyway.

But an official ban would trigger an even bigger supply crisis at a time when the market is already under pressure. It would also fuel fears that Vladimir Putin could retaliate by cutting off gas supplies to Europe.

5 things to start your day

1) War in Ukraine risks sparking civil unrest in the Middle East, analysts warn Disrupted supplies push prices up, with Egypt and Lebanon particularly vulnerable

2) Sanctioned Russian defense companies attend major arms fair in Riyadh The World Defense Show has started in Riyadh

3) PwC and KPMG withdraw from Russia Listeners join corporate backlash against Ukraine invasion

4) British investors have 5 billion pounds trapped in the closed Moscow stock market The Russian stock exchange was closed all last week

5) Russia’s credit rating reduced to second-worst level of rot The rating agency Moody’s considers that the country is more likely to default on its debts than Iraq, Ecuador or Ethiopia

What happened overnight

Oil surged as it emerged. Europe and the United States are discussing a possible embargo on Russian oil imports. There are also concerns about delays in the potential return of Iranian crude to world markets, with talks to revive Iran’s 2015 nuclear deal with world powers mired in uncertainty. In the first few minutes of trading on Sunday, the Brent and WTI benchmarks hit their highest level since July 2008, with Brent at $139.13 a barrel and WTI at $130.50.

coming today

• Business : Clarkson, Hg Capital Trust (annual results)
• Economy: Halifax House Price Index (UK); trade balance (China); retail sales (Germany)