Oil prices have surged following Washington’s ban on Russian oil imports and British plans to phase out Russian oil imports by the end of the year, amid Moscow’s escalating bombardment of Ukraine. A barrel of North Sea Brent cost $131.41 on Tuesday, up $8.21 on the previous day, while the price of a barrel of US West Texas Intermediate (WTI) rose by $7.91 to $127.21. The price of a barrel of Brent peaked briefly at $139 while WTI reached more than $130 on Monday. The prices rose after US President Joe Biden said the US would ban all imports of crude oil from Russia. There was “widespread bipar…