Why Chevron, BP, Exxon, and Other Oil Stocks Climbed Today

News that the U.S. would ban oil imports from Russia sent energy prices sharply higher on Tuesday. Many oil and gas businesses saw their stock prices rise along with them.

Here's how the shares of several major energy companies were performing as of 3 p.m. ET:

Conflict in Ukraine has led governments in the U.S., Europe, and other areas to impose economic sanctions on Russia in an attempt to restore peace and stability to the region. Up until today, those sanctions have largely excluded energy imports due to the steep toll that banning the sale of oil and gas from one of the world's largest producers could have on the global economy.

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Source Fool.com