U.S. President Joe Biden is due to hold a video conference on March 7 with the leaders of France, Germany, and Britain to discuss "the latest developments regarding Russia and Ukraine," the White House said.
The call with French President Emmanuel Macron, German Chancellor Olaf Scholz, and British Prime Minister Boris Johnson will take place at 10:30 a.m. EST as Washington pushes its allies on a possible Russian oil ban amid Moscow's invasion of Ukraine.
U.S. Secretary of State Antony Blinken, who is on a visit to Europe, said the United States and its allies are having a “very active discussion” about banning the import of Russian oil.
On March 7, oil prices spiked to their highest levels since 2008 amid market supply fears.
In the first few minutes of trade, Brent crude reached $139.13 a barrel and U.S. West Texas Intermediate hit $130.50, both benchmarks striking their highest since July 2008.