Oil prices rose after EU leaders agreed to ban 90% of Russian crude by the close of the year.
- The agreement resolved a stalemate after Hungary initially slowed down talks. Hungary is a major user of Russian oil, and its leaders have been on good terms with Russia’s Vladimir Putin.
- Charles Michael, president of the European Council, stated that the move would immediately hurt 75% of Russian oil imports.
- The embargo is part of the EU’s sanctions imposed on Russia since the invasion of Ukraine. The discussions to impose an oil embargo have been ongoing since the start of the month.
Nearly 36% of the European Union’s oil imports come from Russia, a nation that plays a major role in the global oil markets.
CL1! Up +3.18%, USOIL up +1.04%