Oil prices hit a 14-year high today as the Biden Administration considers its options, including a potential ban on Russian energy.
The possibility of sanctions have spurred the price of Brent crude oil, the global benchmark, above $130 per barrel, the highest it has cost since 2008.
Sanctions against Russian oil would not only raise gas prices globally, but it would increase inflation in the US, which is currently at a 40 year high. Mounting tensions caused by Russia’s invasion into Ukraine have caused what appears to be a shift in world alliances, as Biden considers his visit to Saudi Arabia, a country he has previously critiqued for its human rights violations.
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