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Oil prices surge as EU plans Russian oil ban – Gulf Insider

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Oil prices rose sharply on Wednesday after the European Union (EU) unveiled a plan to phase out Russian oil, triggering concerns over tight supplies.

The West Texas Intermediate (WTI) for June delivery added 5.4 U.S. dollars, or 5.3 per cent, to settle at 107.81 dollars a barrel on the New York Mercantile Exchange.

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Brent crude for July delivery increased 5.17 dollars, or 4.9 per cent, to close at 110.14 dollars a barrel on the London ICE Futures Exchange. European Commission President Ursula von der Leyen said Wednesday that the EU will phase out the Russian supply of crude oil within six months and refined products by the end of the year.

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ismailsesa

Works as an in-house Writer at Gulf Tech Plus and focuses on the latest smart consumer electronics. Closely follows the latest trends in consumer IoT and how it affects our daily lives. You can follow him on Facebook, Instagram & YouTube.

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