Oil prices surge as US bans Russian crude, Britain launches phase out

Oil prices settled around 4% higher on Tuesday as the US banned Russian oil imports and Britain said it will phase them out by year end

Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil imports and Britain said it will phase them out by year end, decisions expected to further disrupt the global energy market where Russia is the second-largest exporter of crude.
 

Oil prices have surged more than 30% since Russia invaded Ukraine, and the United States and other countries imposed a raft of sanctions. Russian oil and gas exports were already upended before the ban, as traders sought to avoid running afoul of future sanctions.
 

U.S. President Joe Biden announced a ban on Russian oil and other