What would happen to oil and gas prices if the United States bans Russian oil

In retribution for Russia's invasion of Ukraine, US President Joe Biden has slapped an immediate embargo on Russian oil and other energy imports, while the UK has indicated it will phase out imports by the end of 2022.

Oil prices are anticipated to rise as a result of the new sanctions, resulting in even higher costs at the pump.

The US government has issued a restriction on Russian oil, which is part of a larger boycot....