Oil prices rose on Tuesday as Europe announced plans to impose new sanctions on Russian oil imports to punish Moscow over alleged war crimes in Ukraine, raising concerns over tighter global supply. Brent crude was up $1.10, or 1%, to $108.63 a barrel at 1334 GMT. US West Texas Intermediate was up $1.12, or 1.1%, at $104.40. “With the European Union working on new sanctions that may target Russia’s oil industry, crude prices could edge up in the near term,” FXTM analyst Lukman Otunuga said. The West is planning new sanctions against Russia over civilian killings in Ukraine, with President Joe Biden’s national security adviser saying that new US sanctions against Moscow would be announced this week. The European Commission on Tuesday proposed new sanctions against Russia, including a ban on buying Russian coal and on Russian ships entering EU ports. German Foreign Minister Annalena Baerbock said the ban on coal will be followed by oil and then gas.
Published in The Express Tribune, April 6th, 2022.
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