Oil prices continue to rise as the US moves one step closer to banning oil imports from Russia.
After the Russian invasion of Ukraine, the upward trend in oil continues. Futures in New York were at their highest level since 2008 yesterday and are hovering above $121 today. Brent oil also approached $140 a barrel yesterday. Prices have rallied more than 30 percent since the invasion.
Due to the war in Ukraine, prices in many commodities from oil to wheat, from nickel to natural gas rose to record levels, bringing the world to a new inflation shock.
White House Spokesperson Jen Psaki stated that they discussed the oil issue with Venezuela. They were also negotiating with Saudi Arabia and Iran to produce an alternative to Russian oil.
On the other hand, Total Energies became the first major oil company to announce that they will no longer buy Russian oil.
The barrel price of West Texas-type crude oil for April delivery increased by 2 percent to $ 121.78, the price of a barrel of Brent oil for May delivery rose by 2.8 percent to $ 126.65.