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Oil prices topped $120 a barrel, following European Union leaders agreed to ban most imports of Russian crude.
The European agreement had a direct impact on oil prices, which continued to rise due to concerns regarding the already tense market pressures on supplies, in addition to the factor of rising demand before the peak of the summer travel season in the United States and Europe.
With today’s rises, Brent recorded a new peak within the highest levels in two months, close to $124 a barrel.
Thus, Brent’s gains amount to regarding 60% since the beginning of the year, and almost the same percentage as the increases achieved by Texas crude.
