Russia's Export Ban Sends Oil Prices Soaring

Oil prices rose over 1% after Russia implemented an export ban on diesel and gas, aiming to replenish its own supply and reduce domestic prices. The ban, which has no end date yet, may impact global oil supply and drive energy prices up. The EU and US have already banned imports of Russian refined fuel due to the conflict with Ukraine. While gas prices in the US are coming off their 2023 highs, diesel prices remain high. Analysts predict that the ban may lead to further diesel price spikes and potentially fortify crude oil prices. However, easing gas prices are expected in most parts of the US, except for some Western states.