Russia’s invasion of Ukraine has continued to cause oil prices to soar. Bunker prices have reached record highs, with no sign of slowing.

Discussions surrounding banning imports of Russian oil have had the predictable effect: soaring prices. On Tuesday, Brent crude rose 3.9 percent to stabilise around USD127.98 per barrel, and West Texas Intermediate (WTI) landed at approximately USD123.70 per barrel. Both benchmarks hit record highs on Monday, with Brent nearing USD140.13 and WTI USD130.50.

The USA has issued an immediate ban on Russian energy imports, while the UK plans to phase-out imports by the end of 2022. Russian officials have warned that a Western ban could result oil prices more than doubling to about USD300 per barrel, and prompt the main gas pipeline from Russia to Germany.

Bunker prices are feeling the effects. Very low-sulphur fuel oil (VLSFO) at Fujairah surged by USD76.50 per tonne on Monday to reach USD1,000, according to Ship & Bunker pricing. It said that this level is almost double the USD532.50 per tonne seen at the Middle Eastern hub this time last year. High-sulphur fuel oil (HSFO) also increased, by USD34.50 per tonne to reach USD692.

The global average VLSFO price gained USD74 per tonne to USD962.50, according to Ship & Bunker’s G20 Index of 20 leading bunkering ports.