After the US embargo decision on Russian oil, the rally in oil prices continued.

The impact of the war between Russia and Ukraine continues to be the main factor in the rise in oil prices. With the US embargo on oil purchases in the new round of sanctions against Russia, the rally of US crude oil around 127 dollars continued. Brent oil is also above $130.

Since the beginning of the war between Russia and Ukraine, an increase of more than 35 percent has been observed in oil prices. Since the beginning of the year, the premium in oil prices has exceeded 60 percent.

US President Joe Biden announced that the US had banned all energy, oil, and gas imports from Russia as part of the Ukraine war sanctions.

Biden stated that the USA targeted one of the arteries of the Russian economy. Biden pointed out that there is great support for this step from the US Congress and the people.