Oil Price Surges to Highest since 2008

The United States confirmed yesterday that there was "very active discussion" taking place with its European partners and allies about a potential import ban on Russian oil. As this infographic shows, the news was enough to spike the Brent barrel price to heights not seen since 2008 - peaking at $139 before settling around the $130 mark.

U.S. Secretary of State Blinken assured CNN reporters that any ban would be implemented "while making sure that there is still an appropriate supply of oil in world markets". This however would potentially involve reviving the 2015 nuclear deal with Iran and subsequently lifting sanctions on its oil exports. Doubts as to the viability of such a move have already been raised, with Russia demanding assurances that any sanctions imposed on it due to the war in Ukraine would not affect its trading relationship with Iran.

Further options include an increasing of Saudi Arabian production as well as a lifting of sanctions against Venezuela (an ally of Russia). Both scenarios would rely on significant diplomatic movement before being realized, however.