- Oil prices jumped after EU leaders reached an agreement late Monday to ban 90% of Russian crude by the end of the year.
- The embargo is part of the European Union’s sixth sanctions package on Russia since it invaded Ukraine.
Oil prices jumped after EU leaders reached an agreement late Monday to ban 90% of Russian crude by the end of the year.
During Asia hours on Tuesday, U.S. crude futures for July were up 3.53% to $119.12, while Brent crude futures rose 1.87% to $123.95. At one point, U.S. crude rose to $119.42 per barrel — a 12-week high, according to Refinitiv data.
Contracts for August also traded higher: WTI crude jumped 3.66% to $116.34, and Brent was up nearly 2% to $119.96 per barrel.
The agreement resolves a deadlock after Hungary initially held up talks. Hungary is a major user of Russian oil and its leader, Viktor Orban, has been on friendly terms with Russia’s Vladimir Putin.
Charles Michel, president of the European Council, said the move would immediately hit 75% of Russian oil imports.
Tonight #EUCO agreed a sixth package of sanctions.
It will allow a ban on oil imports from #Russia.
The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned. pic.twitter.com/uVoVI519v8
— Charles Michel (@eucopresident) May 30, 2022
