Oil Surges On Russian Import Ban Talks; US Braces For Record High Gas Prices

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The Street

By Martin Baccardax With WTI crude testing $125 per barrel amid talks of a ban on imported Russian crude, U.S. gas prices are set to surpass their all-time high of $4.103 per gallon later this week. Global oil prices surged to the highest levels since the financial crisis Monday, with Brent crude briefly testing $140 per barrel, as world leaders extended talks on banning crude imports from Russia following last week’s invasion of Ukraine. Average U.S. gasoline prices, meanwhile, topped $4 a gallon for the first time since 2008 heading into the beginning of the week, and are now within touching…

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