Oil Prices Surge as US and Britain Cut Off Russian Crude

As the invasion of Ukraine continues, Britain said yesterday that it will phase out the import of Russian oil and oil products by the end of 2022.

U.S. President Joe Biden on Tuesday announced the imposition of an energy embargo on Russia, banning U.S. imports of oil, liquified natural gas and coal from the country over its ongoing military operations in Ukraine.

Oil prices surged on Tuesday as the United States and Britain moved to ban Russian oil imports, a decision that is expected to worsen disruptions in the global energy market as Russia is the second-largest exporter of crude.

Dimming expectations for an imminent return of Iranian crude to global markets have added to upward pressure on prices amid a slowdown in talks between Tehran and world powers over its nuclear activity.

Oil supply disruptions come as inventories continue to fall worldwide. This will certainly raise energy prices. See here for more info – https://oilprice.com/oil-price-charts/

Our high impact event of the day is from the US at 17.30 GMT+2, with the Crude Oil Inventories. Have your trading charts ready!

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