Oil prices were climbing again this morning as the US ban on Russian oil imports and Britain's plan to phase them out by the year end raised concerns of tighter global supply.
Brent crude futures were up 2.53%, at $131.18 a barrel.
Oil prices have surged more than 30% since Russia, the world's second-largest crude exporter, invaded Ukraine.
Behind the rally are also expectations that an imminent return of Iranian crude to global markets is unlikely, as talks on Iran's nuclear programme have slowed between Tehran and world powers.
Analysts at Oslo-based consultancy Rystad Energy said on Tuesday that global oil prices could rise to $200 a barrel if Europe and the US banned imports of Russian oil.
US President Joe Biden said the ban on Russia oil and gas imports targeted "the main artery of Russia's economy".
Energy exports are a vital source of revenue for Russia, but the move will impact Western consumers.
The BBC also reports that major brands have continued to pull out of Russia, with McDonald's and Coca-Cola the latest to leave.
The UK Prime Minister, Boris Johnson, accepted that Britain's move to phase out Russian oil imports would not hit Russia immediately, but he added: "What it will do is add to the pressure we're already seeing on Russia - and don't forget that the economic impact of the sanctions that the UK has led has been extreme."
About 8% of US oil and refined product imports come from Russia, while Russia makes up about 6% of the UK's oil imports.
By contrast, the EU is much more reliant on Russian energy, so the bloc's response so far has stopped short of a ban.
The European Commission said it would switch to alternative supplies and expand clean energy faster to fill the shortfall, with the aim of making Europe independent from Russian fossil fuels "well before 2030".
Trade association Offshore Energies UK has reiterated its commitment to working with the Government to ensure security of energy supply across the UK.
OEUK said it remains focused on supporting both the UK's energy security and net-zero goals by scaling up cleaner energies like wind and hydrogen, but also by ensuring as much of the oil and gas that this country will continue to need is produced domestically, rather than being reliant on importing it from other countries around the world.
Deirdre Michie, CEO of OEUK, said: "The UK has diverse, secure, and reliance energy sources with the majority of it coming from domestic production and pipelined supply from Norway.
"We continue to work with the Government and our members to see how we can build on this reliable energy base while continue to rapidly accelerate the transition to cleaner energies."