Oil prices rise amid fears of a ban on Russian crude

Oil prices rose, on Friday, in light of fears of a possible embargo on oil exports from Russia, which is one of the major oil producers in the world.

By 07:58 Moscow time, Brent crude futures rose 0.9% to $108.22 a barrel, while US West Texas Intermediate crude futures rose 0.54% to $105.92 a barrel.

The rise comes in light of fears of a possible embargo on oil exports from Russia, and this came after a report by the Wall Street Journal that Germany is ready to stop buying oil from Russia.

The newspaper report, quoting analysts at Energy Aspects, said that the European Union (now) is seriously considering imposing a ban on Russian oil imports in one way or another, and even Germany is ready to support this step.

Source: RIA Novosti