White House weighing ban on Russian oil imports, lifting crude prices
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Crude oil prices spike to fresh intraday highs following news that the Biden administration is considering a ban on U.S. imports of Russian crude oil.
Conversations are taking place within the administration and with the U.S. oil and gas industry on the impact such a move would have on American consumers and the global supply, according to a Bloomberg report.
The White House has opposed a ban on Russian oil imports, worried about the effect on domestic gasoline prices, although bipartisan anger among U.S. lawmakers in the House and Senate could force President Biden's hand; Russian oil comprised only 3% of all crude shipments into the U.S. in 2021, according to data from the U.S. Energy Information Administration.
May WTI crude (CL1:COM) settled +7.4% to $115.68/bbl; May Brent (CO1:COM)
+6.7% to $117.88/bbl; ETFs: USO, UCO, BNO, XLE, XOP, VDE, OIH
Occidental Petroleum (OXY
+16.1%) has moved out to the top of the S&P 500 leaderboard; other noteworthy gainers include PBF
+16.1%, BKR
+5.5%, NOV
+5.5%, FANG
+3.3%, XOM
+3%, MRO
+2.9%.
Prices already were rising Friday after Russian forces attacked a Ukrainian nuclear plant overnight, even with the growing likelihood that an Iranian nuclear deal may be near.