At one point, Brent was close to $140 The possibility of a Russian oil embargo raised crisis concerns

Oil prices hit their biggest one-day swing on record, surging to nearly $140 earlier before falling back as the U.
S.
said it was considering banning imports of Russian crude, exacerbating the possibility of
supply strains.

Brent oil prices fell back to around
$121.
Such oil prices are heightening fears of
a major inflationary shock to the global economy.
According to people familiar with the matter, the Biden administration is considering whether to ban imports of Russian oil (3, 0.
00, 0.
00%)
without the participation of European allies, at least initially.
Germany said there were no plans to suspend imports of Russian energy, exacerbating market volatility
.

Diesel futures in Europe and the United States hit their highest levels in decades, while gasoline futures also rose
sharply.
Shell said it was restricting sales of heating oil in parts of Germany due to pressure on
supply.