Oil prices rose today, Thursday, after the European Union proposed imposing new sanctions on Russia, including the Russian oil embargo, within 6 months.
The proposal announced by European Commission President Ursula von der Leyen, which needs the unanimous support of the bloc's countries to activate, includes a gradual reduction in Russian crude imports within 6 months and refining products by the end of 2022.
Ursula's proposal also includes banning all shipping, brokerage, insurance and financing services provided by EU companies to transport Russian oil within a month.
The European Union must find alternatives while energy prices are rising, as it imports about 3.5 million barrels of oil and its products from Russia per day, in addition to its dependence on Russian gas supplies. .
In terms of today's trading, Brent crude futures rose 22 cents to $110.36 a barrel, and West Texas Intermediate crude futures rose 15 cents to $107.96 a barrel, while The two crudes rose more than $ 5 a barrel, yesterday, Wednesday.
The market parties are awaiting the meeting of the (OPEC +) bloc, today, Thursday, which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia.
