Oil Soars as Russian Embargo Talk Fuels Fears of Shortage - Bloomberg

Oil Soars as Russian Embargo Talk Fuels Fears of Shortage - Bloomberg

PRICES:
Brent for May settlement rose $11.14 to $129.25 a barrel on the ICE Futures Europe exchange at 10:30 a.m. in Sydney. West Texas Intermediate for April delivery gained 9.1% to $126.22 a barrel on the New York Mercantile Exchange.

Oil soared, briefly touching $139 a barrel, in a dramatic start to another tempestuous week after the White House said it was discussing an embargo on Russian supplies, fanning supply fears in an already jittery market.

Brent crude jumped as much as 18% in a matter of minutes before paring gains to about 9% on Monday. That’s after a 21% surge last week as Russia’s invasion of Ukraine triggered fears of a brutal supply crunch. U.S. Secretary of State Antony Blinken said the Biden administration and its allies are discussing an embargo of Russian oil, as pressure mounts to hit back harder at the invasion of Ukraine by squeezing exports from Russia’s key energy industry.