Oil prices rose again on Sunday as the United States considers an embargo on Russian imports in response to the war in Ukraine.
The price of Brent oil, the international benchmark, rose about 10 percent, reaching $130 a barrel on Sunday evening. In early December, it cost about $65 a barrel.
Secretary of State Antony Blinken said on Sunday that the United States is considering a ban on Russian oil imports. Republicans and Democrats in Congress have pressured President Biden to ban Russian oil as they look for new ways to punish President Vladimir V. Putin’s administration.
Russian energy accounts for a small fraction of US imports, and Russia is already having problems exporting its oil even in the absence of sanctions, as traders and refiners reduce purchases of Russian crude for a variety of reasons including reputational risk and the safety of tankers in a war zone.
Still, Mr Biden and his advisers had resisted calls for more aggressive sanctions against Russian oil, fearing that fuel prices would rise. The average price of a gallon of gas reached $4,009 on Sunday, according to AAA, approaching its highest level since 2008.
On Sunday, however, Mr Blinken said the Biden administration was seriously discussing an oil embargo.
“We are now in talks with our European partners and allies to look in a coordinated manner at the prospect of banning Russian oil imports while ensuring that there is still an appropriate supply of oil on global markets” , he said on CNN. “That is a very active discussion at the moment.
