Fox News correspondent Hillary Vaughn and House Foreign Affairs Committee ranking member Ann Wagner discuss how lawmakers are responding to Biden’s sanctions and how they’re calling on him to open up U.S. energy production on “Fox Business Tonight.”
Oil prices rose nearly 3% Friday morning as Russia’s invasion of Ukraine raised concerns about global supply.
Markets are bracing for what impact trade sanctions on Russia will have on price.
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U.S. West Texas Intermediate (WTI) crude increased $2.17 to $94.96 a barrel.
Global benchmark Brent crude rose $2.32 to $101.40 a barrel.
A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia (REUTERS/Vasily Fedosenko, File)
Following Russia’s invasion of Ukraine, Brent crude jumped to more than $100 a barrel Thursday for the first time since 2014. It got as high as $105, before paring gains, according to Reuters.
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President Biden hit Russia with new sanctions Thursday that will impact Russia’s ability to do business in major currencies.
Sanctions were also brought against banks and state-owned enterprises.
Britain, Japan, Canada, Australia and the European Union also unveiled more sanctions on Moscow.
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The U.S. and Iran have been holding indirect nuclear talks in Vienna, where a deal could lead to the removal of sanctions on Iranian oil sales and increase global supply, according to Reuters.
