Oil prices rose by 2.6%-2.85%
As of 22 March 2022, 08:32 (UTC+3), Brent Crude futures for May settlement were trading 2.85% higher at $118.91a barrel on the London-based ICE Futures Europe Exchange.
Light Sweet Crude (WTI) futures for May delivery on the New York Mercantile Exchange rose by 2.6% to $112.81 a barrel.
Crude oil prices are increasing as the EU is discussing sanctions against Russia’s oil industry.