Oil rises as European Union approaches Russian oil embargo

Oil prices rose today after the European Union announced its plans to phase out Russian oil imports, as Europe imports about 3.5 million barrels of oil and Russian oil products daily and also depends on Russian gas supplies. Brent crude futures rose $5.17, or 4.9%, to $110.14 a barrel, and US West Texas Intermediate crude futures rose $5.40, or 5.3%, to $107.81 a barrel. European Commission President Ursula von der Leyen proposed a temporary oil embargo on Russia in addition to imposing sanctions on Russia’s largest bank, and said that the Commission’s measures include the gradual elimination of supplies of Russian crude within six months and refined products by the end of 2022 and also pledged to reduce the impact of this step on European economies.