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21 Mar 2022

Oil Prices Surge More than $4 over Potential EU Ban of Russian Oil

The Index Today

Oil prices have soared beyond $4 on Monday as EU countries contemplate imposing a ban on the imports of Russian oil following its invasion of Ukraine last month, after Saudi oil refineries came under attack over the weekend.

According to Reuters, Brent crude futures rose 4.1% to $112.37 per barrel by 1321 GMT, while U.S. West Texas Intermediate (WTI) futures climbed by 3.9% to $108.75, extending Friday’s gains of 1.7%.

This comes as the U.S. and countries in the European Union hold discussions regarding a potential Russian oil embargo as part of sanctions against the Kremlin for its invasion of Ukraine in February. Peace talks between Ukraine and Russia have slowed of late after Ukraine refused to surrender at Mariupol.

Hargreaves Lansdown’s Senior Markets Analyst Susannah Streeter said, "Optimism is seeping away about progress in talks to achieve a ceasefire in Ukraine and that’s sent the price of oil on the march upwards." She contended, "With the possibility that more than a million barrels of Russian oil a day will be snubbed, given that the Netherlands and Germany combined received around a quarter of Russia's crude and light oil exports, demand would shoot up for crude supplies from OPEC+ nations."

©Photo: Bloomberg

Clay pottery with table linens
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