(Twitter) US crude futures dated July rose more than 3.50% on Tuesday to reach $119.12, leading gains in oil markets after EU leaders agreed to ban 90% of Russian crude.
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
Brent crude futures were up 1.87% to hit $123.95 a barrel, while WTI crude rose more than 3.60% to $116.34.
European Council president, Charles Michael, said that the move would immediately impact 75% of Russian oil imports. Michael said that by the end of the year, 90% of oil imports from Russia would be banned.
The agreement comes after Hungary protested against the ban, with talks underway since the start of May. Hungary, a major user of Russian crude, has for long been associated with friendly terms with President Vladimir Putin.
The latest move by the EU is part of the bloc’s move to sanction Russia following its invasion of Ukraine. The European Council said that should “sudden interruptions” of supply occur, and the bloc will seek emergency measures.
The ban carries a temporary exception for crude oil delivered through a pipeline, with the move threatening the supply of the commodity throughout Europe. The bloc imports around 36% of its oil from Russia.
CL1! is up +3.44%
