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Oil hits 13-year high as US mulls Russia crude ban

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“While the US might just push through a ban on Russian oil imports, Europe can ill-afford to do the same. More worryingly, [Russian leader Vladimir] Putin, with his back to the wall, could turn off gas supplies to Europe, cutting off the continent’s energy lifeline,” Vandana Hari at energy markets consultancy Vanda Insights told the BBC.

The price of Brent crude rose by more than 20% last week as the conflict triggered fears of a shortage of oil on the global markets.

Consumers around the world have seen costs jump in recent days as they feel the impact of rising wholesale energy prices.

On Sunday, the American Automobile Association said that US petrol prices at the pump jumped by 11% over the past week to the highest level since July 2008.

In the UK, the average price of petrol has risen above £1.50 a litre, according to the RAC.

Meanwhile, a jump in the price of gas amid the Ukraine conflict has added to worries that annual UK household energy bills could reach £3,000.

In recent days, the cost of gas in Europe and the UK has hit record levels as fears persist that Russian supplies could be reduced.

On Sunday, energy giant Shell defended its decision to purchase Russian crude oil despite the invasion of Ukraine.

The company said in a statement that the decision to purchase the fuel at a discounted price was “difficult”.

It confirmed that it had bought a cargo of Russian crude oil on Friday but it had “no alternative”.

Ukrainian Foreign Minister Dmytro Kuleba hit out at the energy company, asking on Twitter: “Doesn’t Russian oil smell Ukrainian blood for you?”

It came as global brands continue to cut their ties with Russia over the conflict.

At the weekend, video-sharing app TikTok said it had suspended livestreaming and new content from its platform in Russia as it assesses tough new laws to crack down on “fake news” about the country’s armed forces.

Meanwhile, streaming giant Netflix said it had cut their services in the country following its invasion of Ukraine.

Visa, Mastercard and PwC also joined the growing list of western firms cutting ties with Russia.

 



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