Oil prices plunged sharply on Wednesday, a day after recording their highest close in fourteen years.
Oil prices rallied in recent sessions amid concerns over supply disruptions due to Russia's invasion of Ukraine and the subsequent sanctions on Russia by the U.S. and its Western allies.
The U.S. announced a ban on imports of Russian energy products, and the U.K. announced its own restrictions on buying Russian oil imports, saying it will phase out the country's imports by the end of 2022.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.