By Gina Lee

Investing.com – Oil was up on Tuesday morning in Asia, . US could ban Russian oil imports by itself, which would reduce concerns of an even wider supply disruption.

By 11:16PM ET (04:16 GMT), the price had risen to $125.22, trading up to $125.19, before dropping to $121.31. After trading within a range of approximately $4, the price rose to $120.55, or 0.96%.

This volatility is due to the fact that the black oil hit 14-year highs Monday, after the U.S. stated it was considering a ban on Russian crude oil with Britain, France and Germany.

“The price movement up was far too fast and too aggressive.” “The charts tell us that the oil price must take some time digesting before it can move significantly higher,” Michael McCarthy, Tiger Brokers Australia chief strategist said to Reuters.

But, U.S. officials suggested Monday night that they could unilaterally ban the import of Russian crude, which may have limited benefits. Germany, which is Russia’s largest crude buyer, rejected the embargo plans. But, two Australian refiners, Viva Energy Ltd. (Australia) will no longer buy Russian crude.

Although no decision was made, a top U.S. official stated that “it is likely only the U.S. if they happen,” Reuters.

“Markets though have already priced in a significant disruption to Russian oil exports already,”  Commonwealth Bank Of Australia commodities analyst Vivek Dhar said in a note, which also pointed to how sanctions on Russian banks have already hit trade finance.

Russia exports approximately 7 million barrels daily of oil and crude products. Investors warned that prices could rise to $200/barrel if exports from Russia are blocked by global markets.

Russian deputy prime minister Alexander Novak was even more pessimistic, warning that “the surge in prices would be unpredictable. The price would rise to $300 per barrel, if not higher.

Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries said that there is currently no world capacity to replace 7 million barrels of oil exports.

Investors are now waiting for, which is due late in the afternoon.