Crude oil futures ended sharply higher on Tuesday, magnifying their many previous sessions’ rally, on concerns about global oil supply after US President Joe Biden announced a ban on import of Russian energy products. Biden said the decision to ban Russian energy products was taken after close consultation with allies around the world, particularly in Europe. Earlier, the United Kingdom announced its own restrictions on buying Russian oil imports, saying it will phase out the country's imports by the end of the year. The European Union also unveiled a plan to wean itself off of Russian fossil fuels.
Benchmark crude oil futures for April delivery rose $4.30 or 3.6 percent to settle at $123.70 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged $5.52 or 4.5 percent to settle at $128.73 a barrel on London's Intercontinental Exchange.