The BBC|UK embargo on Russian oil causes spike in prices

After the UK announced an embargo on imports of Russian oil as a sanction against their invasion of the Ukraine, petrol prices went up to record highs. Robert Buckley spoke to the BBC Online on how sanctions will impact the market.

This is a global market and you’ve got to replace that displaced supply somehow. At the margin, this decision will act to support oil prices which are already extremely high.

Robert Buckley

BBC Online