Oil jumps 4% as EU proposes ban on Russian oil | Reuters

Oil jumps 4% as EU proposes ban on Russian oil | Reuters

Oil prices jumped on Wednesday as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China.

Brent crude futures rose $3.76, or 3.6%, to $108.73 a barrel by 1353 GMT. West Texas Intermediate crude futures rose $3.93, or 3.8%, to $106.34 a barrel.

European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia's top bank, in a bid to deepen Moscow's isolation. read more

The Commission's measures include phasing out supplies of Russian crude within six months and refined products by end-2022, von der Leyen said. She also pledged to minimise the impact on European economies.

Hungary and Slovakia, however, will be able to continue buying Russian crude oil until the end of 2023 under existing contracts, an EU source told Reuters on Wednesday. read more