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Washington and its allies are aiming to ban the insurance of Russian crude shipments, President Biden says US President Joe Biden said on Thursday at the NATO summit in Madrid that the West will apply an embargo on insuring ships transporting Russian oil to further pressure Moscow.

The price of the Brent oil benchmark peaked at $89 per barrel on Tuesday, nearing levels last seen in June 2022, according to Intercontinental Exchange (ICE) data. Industry experts have attributed the surge to an Israeli airstrike on the Iranian consulate in Damascus and Tehran’s threat of retaliation.