07 Mar 2022 --- Oil prices have soared to more than US$139 per barrel as Western allies “actively discuss” the ban of Russian crude imports. The oil spike – the highest since the 2008 financial crisis – was triggered after US secretary of state Antony Blinken revealed that he was discussing the ban with US President Joe Biden and the country’s allies on Sunday. In response to Blinken’s comments, a senior French official confirmed the Western allies are discussing further sanctions. “The question today is to see how we can resort to strategic reserves to stop prices from spiraling even further on oil and gas markets, and also, in the longer term, how we manage our stocks and our supplies,” the official said.
