The White House ban on imports of Russian petroleum into the US, announced on Tuesday, is the most significant move yet in a rapidly escalating global energy war between Russia and the west following Vladimir Putin’s invasion of Ukraine.
Brent oil settled 4 per cent higher at $127.98 a barrel on Tuesday, a day after hitting its highest intraday level since the global financial crisis, while US petrol prices hit a new high.
As analysts warn that further escalation is likely, here is a guide to what the ban means for global markets and its potential fallout.
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