Crude oil prices hit $123 in U.S. after ban on Russian imports

U.S. crude oil prices rose another 4% on Tuesday as the White House decided it was time to ban Russian oil imports over the invasion of Ukraine.

West Texas Intermediate crude for April delivery rose $4.30 or 4.47% and settled at $123.70 a barrel on the New York Mercantile Exchange. It was the highest front-month contract finish since Aug. 1, 2008. Prices earlier in the day had reached $129.44 a barrel before settling at the lower price.

Global benchmark Brent crude for May delivery rose $4.77 or 3.9% and closed at $127.98 a barrel on ICE Futures Europe, the highest finish since July 2008.

While oil prices rose, April natural gas dropped 6.3% to close at $4.52 per Mbtu.

As the fighting increases in Ukraine, there is also growing discussion of the possibility that crude oil prices could reach $150 a barrel. Crude prices jumped $5 immediately after Biden announced his ban during a White House event.

Last year, about 8% of U.S. imports of oil and petroleum products came from Russia. The White House stated the U.S. imported nearly 700,000 barrels a day of crude oil and petroleum products from Putin’s country.

Many Oklahoma energy stocks suffered losses in Tuesday’s trading with some exceptions. Mammoth Energy recorded a more than 8% gain and NGL Energy Partners gained just about 8%.