Oil prices push higher after US escalates Russia sanctions with ban

Oil continued its rally near $127 a barrel after President Joe Biden said the U.S. would ban the import of Russian crude, escalating efforts to hobble the nation’s economy that will further strain global energy markets.

Futures in New York have soared more than 35% since the invasion of Ukraine almost two weeks ago, and settled at the highest since 2008 on Tuesday. The U.K. said it would also phase out Russian crude imports by the end of the year, and Shell Plc and BP Plc are halting new purchases, but other European nations have been reluctant to commit to similar action.