Oil Jumps Near $123 as Chance of Russian Ban Spurs Crisis Fears
U.S. considering prohibiting Russia imports without Europe
Brent crude futures surged as much as 18% before paring gains
Oil had its biggest daily swing ever, surging to near $140 before pulling back, on the prospect of even tighter supplies after the U.S. said it was considering a ban on Russian crude imports.
Brent subsequently eased to about $121, a level that’s exacerbating fears of a major inflationary shock to the global economy.
The Biden administration is mulling whether to prohibit Russian oil imports without the participation of allies in Europe, at least initially, according to people familiar with the matter.
Germany said it has no plans to halt Russian energy imports, bolstering the volatility in the market.
Diesel futures in Europe and the U.S. touched the highest in decades, while gasoline contracts also leaped.