Energy Prices Surge On Russian Ban

Gas prices hit a record in the United States. Stocks on Wall Street rose slightly, rebounding from their sharpest drop in more than a year.

Oil and gas prices surged again on Tuesday as Western lawmakers advanced efforts to isolate Russia by taking steps to cut it off from global oil markets.

In the United States, President Biden announced a ban on the importation of Russian oil and natural gas, a move that could increase gasoline prices that have already climbed to record highs.

Britain said it would phase out imports of Russian oil by the end of the year. And the European Commission, the executive arm of the European Union, which is heavily dependent on Russian oil and gas, outlined a proposal to make itself independent of that supply in the coming years.

Russia is one of the world’s largest energy producers, and crude oil prices were sharply higher on Tuesday. Brent crude, the global benchmark, rose about 4 percent, to about $129 a barrel, off its earlier high of about $133. Brent is trading now at $128.63. West Texas Intermediate futures climbed to about $123.50 a barrel. WTI crude trades now at $124.52.

Since Russia invaded Ukraine on Feb. 24, oil prices have risen about 30 percent amid concerns about the global supply of fuel. Though Western governments announced a number of severe penalties on Russia immediately after the invasion, oil trading was not included in those measures.