WTI crude rose 3.61% to $123.71 a barrel, Brent rose 4.12%.
The U.S. was set to ban Russian oil, liquefied natural gas and coal without European participation as soon as Tuesday, according to the Bloomberg News report.
Americans are now paying the most at the pump on record as energy prices surge, contributing to rampant inflation that’s hitting all areas of the economy.
The national average for a gallon of regular gas rose to $4.173 on Tuesday,according to AAA.
The prior record was $4.114 from July 2008, not adjusted for inflation.
Tuesday’s new high follows a sharp spike in gas since Russia invaded Ukraine, sending oil prices surging.
Consumers are paying 55 cents more than one week ago, and about 72 cents more than last month.
Oil prices, meantime, jumped Sunday to prices last seen in 2008.
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