Brent breaches $117 mark amid EU Russian oil embargo

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Crude oil futures rallied on Wednesday after the European Union (EU) member states agreed to ban 90 percent of Russian oil imports by the end of this year as part of the latest Ukraine-related sanctions against Moscow.

As of 1725 hours GMT, the price of Brent, the international benchmark for two-thirds of the world’s oil, surged by $1.48 (+1.28 percent) to $117.08. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $1.24 a barrel (+1.08 percent) to $115.91.

The price of Russian Sokol dipped to $102.19 a barrel with a 5.68 percent decrease and Arab Light prices witnessed a decrease of 6.57 percent to reach $113.27 a barrel. —TLTP