Oil prices rose on Tuesday, with Brent surging past $126 a barrel, as fears of formal sanctions against Russian oil and fuel exports spurred concerns about supply availability. Benchmark Brent crude futures for May climbed $3.07, or 2.49%, to $126.28 a barrel at 0756 GMT. U.S. West Texas Intermediate (WTI) crude futures for April delivery rose $2.29, or 1.92%, to 121.69 a barrel. Russia is the world’s second-biggest oil exporter and ships out about 7 million barrels per day of crude and oil products combined. The United States, the world’s biggest oil consumer, may move on its own to ban Russian oil imports following Russia’s invasion of Ukraine on Feb. 24. However, Germany, the biggest buyer of Russian crude oil, has rejected plans for an […]