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With prices fluctuating on Monday as traders kept a close eye on developments, the American oil benchmark, West Texas Intermediate, was around $91.30 a barrel, while the global Brent benchmark was about $93.80 a barrel. Both benchmarks remain above $90 a barrel, the highest level since 2014. Gasoline prices at the pump usually follow global oil price trends by a week or two.ĭespite the growing likelihood of conflict, the American benchmark oil price fell nearly 2 percent last week while the global benchmark price rose by less than a dollar a barrel. The average national price of a gallon of gasoline rose nearly 4 cents over the last week to $3.53, roughly 90 cents higher than a year ago. Such measures could help restrain prices at the pump, at least for a short time. There is also talk in Washington of suspending federal taxes on gasoline. The United States and many other industrialized countries will most likely release millions of barrels of oil from their strategic reserves as soon as a significant invasion occurs. Nevertheless, negotiations continued on several fronts. Any invasion would most likely interrupt Russian natural gas and oil shipments to parts of Europe and then be followed by a decline in purchases of Russian energy by the West. Putin of Russia has already decided to invade Ukraine despite the threat of crippling sanctions. President Biden and other senior American officials have said that President Vladimir V. In a sign of the volatility of the market, prices eased later on Sunday night and were up about 20 cents a barrel in the European morning. But with tensions ratcheting up along the Russia-Ukraine border, oil markets opened in evening trading more than a dollar a barrel higher. Oil prices had been essentially flat over the last week as traders anticipated a potential nuclear deal with Iran that could allow the country to bring millions of gallons of oil to the market. Uncertainty drove oil prices higher when trading opened on Sunday as more Russian troops massed on Ukraine’s borders, but they fell later in the night as news reports said President Biden would consider direct talks with his Russian counterpart as long as Russia does not invade.