WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Tuesday amid concerns about global oil supply after U.S. President Joe Biden announced a ban on import of Russian energy products.
Uncertainty about a revival of Iran's nuclear deal with world powers also contributed to supply concerns.
West Texas Intermediate Crude oil futures for April ended higher by $4.30 or about 3.6% at $123.70 a barrel. WTI crude futures rose to a of $129.44 a barrel intraday.
Brent crude futures, which rose to $133.09 a barrel, were up $5.52 or about 4.5% at $128.73 a barrel.
'We're banning all imports of Russian oil and gas and energy,' Biden said in remarks from the White House. 'That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin's war machine.'
Biden said the decision to ban Russian energy products was taken after 'close consultation' with allies around the world, particularly in Europe.
Earlier, the United Kingdom announced its own restrictions on buying Russian oil imports, saying it will phase out the country's imports by the end of the year. The European Union also unveiled a plan to wean itself off of Russian fossil fuels.
The third round of peace talks between Russian and Ukrainian negotiators failed to achieve significant results in Belarus on Monday. Russian President Vladimir Putin, who said the talks will continue, warned that Ukraine must agree to his demands for the conflict to end.
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