International oil prices continued to rise on Tuesday, with signs that the European Union was close to banning crude imports from Russia to punish Moscow for its invasion of Ukraine.
Brent crude futures for May delivery recorded a rise today by 2.98% to reach $119.06 a barrel, and the US NYMEX crude for April delivery rose 2.48% at the level of $119.06 a barrel. 114.90 dollars per barrel.
Josep Borrell, the European Union representative for foreign affairs and security policy, expected that the leaders of the united bloc would discuss imposing more sanctions on Russia when they meet this week.
The European Union is the largest consumer of Russian crude and fuel, and the Kremlin has warned that any ban on those products would compound the repercussions for the market and hit the continent hard.
Not all EU members agreed to target Russian oil, as Germany relies on crude imports from Moscow and has refused the embargo, and Hungary opposes the move.
