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Oil prices jump after EU leaders agree to ban most Russian crude imports


EU leaders came to an agreement that 90% of Russian crude would be banned by 2022.

Joe Klamar | Afp | Getty Images

After an EU agreement to prohibit 90% of Russian crude oil by year’s end, the price of oil rose Monday.

Tuesday: During Asia hour U.S. crude futuresThese were higher than 2%, to $117.74 Brent crude futuresThe average price for $122.43 was $122.42, up 0.62%

This agreement is the result of a deal that was reached after Hungary had been initially rejected. held up talks. Hungary is a large user of Russian crude oil. Viktor Orban has maintained friendly relations with them. Russia’s Vladimir Putin.

The embargo is part of the European Union’s sixth sanctions package on Russia since it invaded Ukraine. Since the beginning of the month, talks have taken place to impose an oil embargo.

Russia accounts for roughly 36% of EU oil imports. This is a significant country in the global oil market.

This ban may increase worries about an already tight energy market. Inflation has been high in many countries due to the soaring energy prices over the last year.

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