Oil prices jumped on Wednesday morning by about $3 for the two benchmarks, shortly after the European Commission President called on European Union countries on Wednesday to ban Russian oil imports, as part of a sixth package of sanctions targeting Moscow over its military operations in Ukraine.
Brent crude futures rose $3, bringing the price of a barrel to $107.97, while the benchmark US oil futures contract, West Texas Intermediate crude, also jumped $3, to settle at $105.41 a barrel.
The rise in prices comes against the background of the European Commission President, Ursula von der Leyen, calling on the European Union countries, on Wednesday, to ban imports of Russian oil, as part of a sixth package of sanctions targeting Russian oil imports due to its military operations in Ukraine.
A new jump in global oil prices
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