- Brent crude shot up to $139.13/Bbl Sunday evening as chances of a Russian oil ban spurred supply shortage fears
- Oil pared gains Monday morning, with oil benchmarks trading up only a few dollars from Friday’s close after Germany said it opposed a push to block Russian imports
- The Biden Administration is mulling whether to sanction Russian oil imports without the participation of allies in Europe
- U.S. Secretary of State Antony Blinken told NBC over the weekend that the White House is in “very active discussions” with Europe about a ban to tighten the economic squeeze on Putin (Bloomberg)
- The International Monetary Fund warned Russia’s war with Ukraine and accompanying sanctions will have a “severe impact” on the global economy
- JPMorgan economists cut their outlook for global growth this year by about a percentage point and raised their inflation estimate by a similar amount
- “Price shocks will have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses,” the IMF said