The prices of crude oil rose by four per cent on Wednesday, after the European Union unveiled plans to phase out imports of Russian oil as part of sanctions for Russia’s invasion of Ukraine.

Brent crude futures rose $3.99, or 3.8 per cent, to $108.96 a barrel by 1121 GMT, while West Texas Intermediate crude futures rose $4.05, or 4 per cent, to $106.46 a barrel.

The development came immediately after the European Commission, President Ursula von der Leyen, on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia’s top bank, in a bid to deepen Moscow’s isolation.

Russia is the world’s second-biggest crude oil exporter, according to the International Energy Agency.

Credit: Punch

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