U.S. has not sanctioned Russian oil but traders avoiding it

U.S. traders in the nation’s largest oil hubs have cautiously put imports from Russian companies on hold, even though the White House has said oil sales are not the target of sanctions.

The response from traders means sanctions have disrupted energy markets more than expected following Russia's invasion of Ukraine. Crude futures have soared above $100 a barrel even though the United States and its NATO allies have not yet blocked Russian oil sales, worried it could feed inflation.

President Joe Biden's administration has stated it could block Russian oil if Russia continues its aggression against Ukraine. Some lawmakers from both major U.S. political parties are pressing for an outright ban on Russian imports, but cutting off that supply could cause U.S. gasoline prices to surge - while Russia keeps selling oil to China or other nations.