LONDON—Oil prices rose on Tuesday, with Brent surging past $127 a barrel, as the possibility of formal U.S. sanctions against Russian oil exports spurred concerns over supply. Benchmark Brent crude futures for May climbed $3.56, or 2.9 percent, to $126.77 a barrel at 11:03 GMT. U.S. West Texas Intermediate (WTI) crude futures for April delivery rose $3.12, or 2.6 percent, to $122.52 a barrel. British oil major Shell said on Tuesday it plans to withdraw from Russian oil and gas and stop all spot purchases of Russian crude oil as a first immediate step. Oil prices could climb to over $300 per barrel if the U.S. and European Union ban imports of oil from Russia, Deputy Prime Minister Alexander Novak said on Monday. Fears that Russia would respond to sanctions already imposed by halting energy exports pushed prices higher. Goldman Sachs hiked its Brent price forecast for 2022 to $135 …