The Prince

Against that backdrop of steadily rising prices, Russia’s war in Ukraine has caused a rapid 20%-plus spike in oil and gas prices in mere weeks. Benchmark U.S. crude oil rose $3.31 to $109.33 a barrel March 11, while Brent crude rose $3.34 to $112.67 a barrel.

President Biden on March 8 announced a U.S. ban on Russian oil and gas imports, taking aim at Russia’s main revenue source amid the conflict.

The U.S. imports less than 10% of its oil and gas from Russia. So why are prices rising so much in the U.S. if the nation doesn’t depend on Russia for fuel? The surge in gas prices is due to the larger global oil market, De Haan said.
MoneyWatch: Soaring gas prices putting strain on American households

“When the U.S. issues sanctions, that has wide ramifications on the ability of Russia to export oil,” he said. “We don’t import a lot, but somebody else does and we are making it difficult for Russian oil to flow to the global market, and prices are reacting to that.”