The Biden administration is reportedly weighing a ban on US imports of Russian crude oil, reported Bloomberg citing sources on Friday, as Congress races toward passing such a restriction. Talks are reportedly taking place and the administration is trying to size up the impact on US and global supply. No final decision has been made. 

Market Reaction

Front-month WTI futures spiked to fresh session highs to the north of the $114.00 per barrel mark in response to the news of a potential import ban, though have since dropped back under. Still, WTI is around $5.75 higher on the day and set to record a historic weekly gain of more than $22.00. That marks the largest weekly percentage gain since mid-2020.

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