The threat of a ban on Russian oil exports to the US and its European allies helped drive per-barrel prices to their highest levels in more than a decade and dominated the conversations on the opening day of a major industry meeting in Houston.

Security of supply has emerged as a pressing challenge as the West tightens sanctions on Russia for its invasion of Ukraine.

The threat of further sanctions that include an embargo on Russian oil shifted the focus of discussions at the annual CERAWeek by S&P Global meeting as speakers weighed the possibility of a move that could take 5 million barrels or more off the market and ratchet up pressure on other oil-producing countries to make up the difference.