Brent at $115 a barrel as European Union weighs Russia oil ban

Crude oil prices stayed strong a fourth day as the European Union weighed a possible ban on Russian crude imports to punish Moscow for its invasion of Ukraine, although some key members remain opposed to such a move for now.

West Texas Intermediate topped $113 a barrel in early trade, after jumping 18% over the previous three days. It was trading around $110-mark at 9 pm IST. Brent Crude swung between gains and losses but its price was little changed at $115.61 a barrel.

Josep Borrell, the EU’s foreign policy chief, said that he expects leaders to discuss, but probably not yet approve, further sanctions against Russia when they meet in Brussels later this week.

“The oil market is being repeatedly driven to the brink of pricing in the catastrophic scenario,” said Vandana Hari, founder of Vanda Insights in Singapore. The “EU is already divided on the move.”