Shares of energy companies rose after the U.S. and United Kingdom pledged to stop buying Russian oil, perpetuating a rally in futures markets.
In New York, oil closed at another 14-year high, up 3.6% at $123.70 a barrel after President Biden banned all imports of Russian crude oil and natural gas due to the invasion of Ukraine.
The price for U.S. gasoline hit a record high, with the average U.S. price for a gallon topping $4.17, in the latest ripple effect from war in Ukraine.
Natural gas prices finished 6.3% lower at $4.53-per-million British thermal units, the biggest one-day drop since Feb. 7, as Russia's threats to cut off European natural-gas supplies was viewed as less of a threat to the U.S. market.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-08-22 1635ET
