Oil Soars as Russian Energy Supply Fears Intensify

Oil Soars as Russian Energy Supply Fears Intensify
Models of oil barrels and a pump jack are displayed in front of Ukrainian and Russian flag colors in this illustration taken on Feb. 24, 2022. Dado Ruvic/Reuters
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LONDON—Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.

Brent crude rose $2.65, or 2.7 percent, to $100.58 by 1255 GMT after touching a high of $105.07 a barrel in early trade.