Energy prices have skyrocketed since the beginning of Russia’s assault on Ukraine, and analysts expect them to continue rising. The United States has banned all imports of Russian energy, and other allies could be right on their heels. Replacing Russian oil will prove to be a difficult task, and it may not even be possible without the help of OPEC. Last week, oil and commodity markets recorded their biggest weekly gains in years as shuttering of Ukrainian ports, sanctions against Russia, and disruption in Libyan oil production sent energy, crop, and metal buyers scrambling for replacement supplies. Crude prices have spiked again this week on fears that the U.S. and its allies were seriously mulling a ban on Russian oil and gas. Well, the Russian boogeyman has not been imaginary, after all: on Tuesday, President Biden imposed an immediate ban on Russian energy imports while the United Kingdom said […]