U.S. expected to announce ban on Russian oil as soon as today

The U.S. is expected to announce as early as Tuesday that it will ban imports of Russian oil, a move that would cut about 8% of America's annual supply.

The news of the upcoming announcement, confirmed to CNBC by a person familiar with the matter, sent oil markets soaring. 

WTI crude oil jumped 4.5% to session highs of above $124 a barrel following reports of the forthcoming ban. Brent crude oil, the international benchmark, jumped nearly 5% to near $129 a barrel.

The move is set to come as the international community works to heap as much economic punishment as possible on Russia in retaliation against its invasion of Ukraine. There was no indication on Tuesday morning that other nations would join the U.S. in banning Russian oil imports.

The White House and the Department of Energy did not immediately respond to requests for comment. But the White House updated President Joe Biden's daily schedule Tuesday morning to include an announcement of new U.S. actions intended to "hold Russia accountable for its unprovoked and unjustified war on Ukraine."

Biden will deliver those remarks from the White House at 10:45 a.m. ET, the updated schedule said.

The U.S. imported about 672,000 barrels a day from Russia in 2021, according to figures from the Energy Information Administration. That amount comprises roughly 8% of the total U.S. import of oil and refined products.

Most of the country's crude oil and petroleum imports come from Canada, Mexico and Saudi Arabia, making the U.S. far less dependent on Russian oil than many of its European partners.

This is breaking news. Please check back for updates.