Russia-Ukraine war: Oil prices jump to 13-year high as US mulls Russian import ban

The figures came after Antony Blinken, the US Secretary of State, said the Biden administration and its European allies were exploring the option of banning Russian oil as a way to further sanction Vladimir Putin over his decision to invade Ukraine.

As the Russian-Ukrainian conflict entered a second week, the price of oil jumped again on Sunday as the United States considered an embargo on Russian imports in response to the war in Ukraine.

The cost of Brent crude – considered the international benchmark – rose more than 10 per cent to a little more than $129 (£98) in the first few minutes of trade on Sunday, reaching $130 a barrel, according to various reports. In early December, it cost about $65 a barrel.

The figures came after Antony Blinken, the US Secretary of State, said the Biden administration and its European allies were exploring the option of banning Russian oil as a way to further sanction Vladimir Putin over his decision to invade Ukraine.

Russian energy represents a small fraction of American imports, and Russia is already having trouble exporting its oil even in the absence of sanctions, as traders and refiners slash purchases of Russian crude for reasons as varied as reputational risk and the safety of tankers in a war zone.

Meanwhile, the UK may move this week to ratchet up sanctions on Russia’s oil and gas industries – as reported by The Independent this week – as part of efforts to isolate Putin’s regime globally.

Europe relies on Russia for crude oil and natural gas, but has become more open to the idea of banning Russian products in the past 24 hours, a source familiar with the discussions told Reuters.

While Western sanctions against Russia have so far allowed the country’s energy trade to continue, most buyers are avoiding Russian products already. According to JPMorgan analysis, 66 per cent of Russian oil is struggling to find buyers.

There have been shows of support for the boycott in Britain this week, including on Sunday when a ship carrying Russian oil that was moored in northwest England had to move on after workers made it clear they would not unload the cargo.