Crude oil soars to near 14-year high

Brent North Sea crude oil for May delivery reached 139.13 USD per barrel shortly after electronic trading opened, heading towards a 2008 record high before retreating slightly over the next hour.

The price per barrel of Brent oil increased 33% since the Russian military operation started in Ukraine on February 24. US Secretary of State Antony Blinken said Sunday that Washington was in active discussions with European nations on banning Russian oil imports.

Before the ban, Russia met more than 25% of the EU’s crude oil demand. In 2021, the US imported an average of more than 200,000 barrels per day of crude oil from Russia. As such, the ban is expected to have a strong impact on the world market once it takes effect.