What a Ban on Russian Oil May Mean for an Already Chaotic Market
- Brent jumps to near $140 on talk of possible prohibition
- About 5 million barrels a day could be affected, says ANZ
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Brent crude soared almost 18% to just shy of $140 a barrel at the open in Asia following news over the weekend that the U.S. and its European allies are discussing a possible ban on Russian oil exports.
It’s the latest development in an eye-watering surge in prices since the invasion of Ukraine, which has thrown energy markets into disarray and has the world bracing for a major inflationary shock. Here’s what analysts are saying about the likely implications of a prohibition on Russian oil.