European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022 for Kremlin’s action in invading Ukraine three months ago. Roughly 36% of the EU’s oil imports come from Russia.
The ban could fuel worries over an already-tight energy market. Globally, energy prices have jumped over the past year, especially from February onwards, contributing to a heated inflationary environment.
In the morning session of Asian markets on Tuesday, the international benchmark Brent crude rose 0.62% to trade at $122.43 per barrel. The West Texas Intermediate jumped 2.63% to $118.10 per barrel.
However, some experts stated that oil price gains may be muted as the market had already priced in the supply constraints.