During the day on Wednesday, the price of Brent crude oil rose by about 8 percent, reaching $ 113. a barrel. After Biden’s statement, oil gained an additional $ 1. on the barrel.
President Biden, when asked by journalists whether it was possible to ban the import of crude oil from Russia, replied: “all options are on the table”.
Many countries, including the United States, the United Kingdom and the European Union, have introduced a series of sanctions against Russia to punish it for attacking Ukraine. So far, however, there has been no ban on the import of crude oil or natural gas from Russia.
“Rising oil and grain prices indicate uninteresting inflation prospects. The sanctions are increasing, which could have significant repercussions on the supply of critical raw materials and the demand for goods and services, said Mike Hewson, chief market analyst at CMC Markets.
