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Oil Ends at Decade High as Specter of Russia Ban Rattles Market

  • U.S. considering prohibiting Russia oil imports without Europe
  • Brent crude futures surged as much as 18% before paring gains
Bloomberg business news
Oil Surges as U.S. Mulls Ban on Russian Crude Imports
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Oil had its biggest daily swing ever, with Brent surging to nearly $140 after the U.S. said it was considering a ban on Russian petroleum imports.

The international benchmark subsequently pulled back to settle at the highest price since 2012. In New York, West Texas Intermediate closed at the highest in nearly 14 years. Prices from oil to nickel to wheat are surging to new highs, exacerbating fears of a major inflationary shock to the global economy.