Gasoline Prices Jump, Oil Soars as Ukraine Sanctions Intensify

Oil prices moved sharply higher on Monday as the U.S. and allies tightened sanctions on Russia, including the Russian central bank.

Brent crude, the global standard, moved up three percent to $100.94 a barrel. U.S. West Texas Intermediate crude rose 5.2 percent to $96.37 a barrel.

Natural gas, another major Russian export, dropped by seven-tenths of a percent on Monday.

Russia supplies around ten percent of the world’s crude, making it the second-largest oil exporter, after Saudi Arabia.

Goldman Sachs hiked its one-month Brent price forecast to $115 a barrel from $95 previously.

“The increase in the global price of oil has led to higher pump prices in the U.S. The national average for a gallon of gas has risen to $3.61, eight cents more than a week ago,” AAA said on Monday.