Oil gains on expectations of U.S. and British ban on Russian crude | Reuters

Oil gains on expectations of U.S. and British ban on Russian crude | Reuters

Oil prices rose on Tuesday, with Brent surging past $132 a barrel on expectations that the United States and Britain will announce a formal ban on Russian oil imports, stoking supply concerns.

Benchmark Brent crude for May had climbed by almost 7% to $131.8 a barrel by 1517 GMT. U.S. crude for April delivery was up 7% at $127.82.

Prices climbed after a source said the United States, the world's biggest oil consumer, could announce a ban on Russian oil imports as soon as Tuesday in response to Russia's invasion of Ukraine. read more

The White House said U.S. President Biden would announce actions to hold Russia accountable at 1545 GMT after sources said Washington was willing to impose such a Russian oil import ban even without its European allies. read more

Britan is also expected to announce at 1600 GMT a ban on Russian oil imports, Politico reported, citing Whitehall officials. read more