PRESS ROOM
Oil rises again as EU considers ban on transport and insurance of Russian oil
Friday 06th May '22
Both Brent and WTI (West Texas Intermediate) benchmarks have risen again at the start of May as the European Union is mulling expanding its sanctions on Russian oil. In addition to the ban on Russian oil and gas (which could take up to eight months to come into effect), the European Commission has proposed that companies incorporated in Europe no longer be allowed to transport or insure Russian oil deliveries, irrespective of the final destination. This move is expected to further increase the demand for non-Russian oil which is causing prices to rise.