Crude oil prices topped $120 a barrel of Brent after the European Union agreed to ban Russian oil as part of the sixth round of sanctions against Moscow.
EU countries agreed on Monday evening to cut Russian oil imports by 90 percent by the end of this year.
And European Commission President Ursula von der Leyen said at a press conference after the B27 summit in Brussels that members had agreed to impose oil sanctions on Russia.
By 0740 GMT, Brent crude for August delivery rose 2.10%, or $2.3, to $120.1 a barrel.
US West Texas Intermediate crude for July delivery also rose 1.39%, or $1.7, to $119.2 a barrel.
In a social media statement, European Council President Charles Michel said the cut in Russian oil imports would reach two-thirds at once.
Source: El Iktisad
