Fuel rates soar after US ban on Russian crude oil

KABUL (Pajhwok): As the war in Ukraine continues, the US has banned Russian oil imports, jacking up crude oil rates to a record level in the international market.

While remaining below Monday’s peak of $139.13 per barrel, the main international oil contract, Brent, jumped 6.8 percent to $131.63, Dawn.com reported.

Major US contract WTI rose by 6.7 percent to $127.44 per barrel.

President Joe Biden announced a ban on US imports of Russian oil while Britain said it would phase them out by the end of the year.

EU nations, which receive roughly 40pc of their gas imports and one quarter of their oil from Russia, opted to set a goal of cutting their Russian gas imports by two-thirds.

Earlier, Moscow had warned that in retaliation for sanctions it could cut off natural gas supplies to Europe via the Nord Stream 1 pipeline.

nh/mud

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