Oil soars 7% and blows past $110 as Europe debates banning Russian oil
CNN
Oil prices rose sharply on Monday as Europe considers whether to match America's ban on Russian oil.
US crude soared 7% to settle at $112.12 a barrel. Brent crude, the world benchmark, also rallied 7% to $115.62 a barrel.
The rally will cast further doubt on how much gasoline prices will retreat from their recent spike to record highs.
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