Oil Prices Rachet Up

Oil prices are playing the market as Russia stepped up its war against Ukraine.

Oil prices jumped to their highs of the session Tuesday as President Joe Biden announced a ban on Russian fossil imports including the oil in response to the country’s invasion of Ukraine.

WTI crude oil popped as much as 7% to trade above $128 per barrel. It ended the day 3.6% higher at $123.70. Brent crude oil, the international benchmark, jumped 7.7% to $132.75, before trading off the highs.

At the end of the session, the contract stood 4.3% higher at $123.21.

The crisis in Ukraine prompted an extraordinary meeting of the International Energy Agency’s board, which resulted in all 31 member countries agreeing to release 60 million barrels of oil from their strategic reserves. 

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Edited by Jesus Chan

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