Oil prices are on the rise as investors await the European Union’s new set of sanctions against Moscow
Prices reached a two-month high as the EU considers banning Russian oil.
Brent crude futures increased by 46 cents to nearly $120 a barrel while U.S. West Texas Intermediate crude futures gained 60 cents just over $115 a barrel.
This comes as the EU is set to convene on Monday and Tuesday to finalise its sixth package of sanctions against Russia for its invasion of Ukraine.
The group met on Sunday, failing to agree on banning Russian oil but these upcoming talks may see changes to seaborne deliveries.
If the oil ban goes ahead more supply issues are expected for gasoline, diesel and jet fuel.
