(Morning News) The United States and the United Kingdom announced the embargo on Russia's energy on the same day. This is a major upgrade of the Western economic sanctions on Russia, which is expected to impact the global crude oil market supply.Oil prices rose about 4%on Tuesday.

Reuters and Bloomberg reported that the United Kingdom announced on Tuesday (March 8) that it will stop importing Russian oil and petroleum products in stages before the end of 2022, which is to ensure that the market and enterprises have time to find substitutes.

In addition, the United Kingdom also considers to follow other countries to ban Russia's natural gas imports.

U.S. President Biden announced earlier on the same day that the import of Russian fossil fuels, including petroleum, is prohibited.

Bynden said: "The United States is aiming at the great artery of the Russian economy." He said: "We will not fund the war of Putin."

Russia is the world's second largest crude oil exporter, and sends 7 to 8 million barrels of crude oil and fuel to the global market every day.The implementation of energy embargo against the United States and Britain is expected to further disrupt the global energy market.

Since the invasion of Ukraine in Russia, the United States and other countries have implemented a series of sanctions on Russia, and oil prices have risen by more than 30%.

On Tuesday, the settlement price of Brant crude oil futures was $ 127.98 per barrel (about S $ 174.80), up 3.9%. On the day, the US crude oil futures settlement price was $ 123.70 per barrel, up 3.60%.

The United States announced the embargoing Russia energy

President Biden announced on Tuesday (March 8th) local time that it was embarked on Russia's energy.

According to Reuters, Biden announced that it would ban Russia's oil and other energy from importing the United States, increasing sanctions on Russia's invasion of Ukraine.

Bayeng said to reporters in the White House: "We will fully implement the embargo on Russia's oil and natural gas energy. This means that the US port will no longer accept Russian oil imports. American people will give (Russian president) Putin's war machineAnother strike. "

Biden said that the United States made the above decision after the United States and partners around the world closely negotiated.

He predicts that oil prices will announce a further increase, but vowing will do its best to help the American people reduce its impact.

Biden also warned US gasoline companies not to take the opportunity to make a profit.