(Sharecast News) - Their was growing speculation that the Biden administration would announce a ban on imports of Russian crude oil as soon as Tuesday.
According to reports, the US president's daily schedule had been updated to include an announcement regarding more steps to "hold Russia accountable for its unprovoked and unjustified war on Ukraine."
He was expected to make the announcement at 1545 GMT.
As at 1443 GMT, front-dated West Texas Intermediate crude oil futures were jumping 4.47% to $124.74 a barrel on the ICE.