Oil extends rally after US bans Russian imports, prompting supply fears

TOKYO: Oil prices rose on Wednesday as the US ban on Russian oil imports and Britain’s plan to phase them out by year end raised concerns of tighter global supply.
Brent crude futures were up $2.17, or 1.7%, at $130.15 a barrel at 0133 GMT, after jumping 3.9% the previous day.
US West Texas Intermediate (WTI) crude futures were up $1.57, or 1.3%, at $125.27 a barrel, after also surging 3.6% on Tuesday.
US President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports and Britain said it would phase out Russian oil imports through the end of 2022.
Oil prices have surged more than 30% since Russia, the world’s second-largest crude exporter, invaded Ukraine. Fears of further disruptions to oil supply amid escalating sanctions on Moscow has boosted buying, analysts said.