Seafood companies should prepare themselves for record oil prices if there is no breakthrough in talks to end the conflict in Ukraine following Russia's invasion.

That's view of Phil Flynn, senior market analyst at Chicago-based Price Futures Group.

Despite the United States on Tuesday banning the import of Russian oil and UK Prime Minister Boris Johnson announcing his country would phase out imports for now, Flynn said there has been a lot resistance at $130 (€119) a barrel for West Texas Intermediate crude oil, which trades a few dollars lower than the other well-known benchmark, Brent Crude.