Brent crude futures dashed to two-month highs above $123 a barrel and could rise further, analysts warn, citing Europe's decision to slash Russian oil imports, high U.S. summer demand and the easing of Chinese lockdowns at a time of tight global crude supply.
Two thirds of the Russian oil imported by the EU comes via tanker and one third by the Druzhba pipeline. The embargo on seaborne oil imports would therefore apply to 2/3 of all oil imported from Russia.
The ban on seaborne imports of Russian oil will be imposed with a phase-in period of six months for crude oil and eight months for refined products, a European Commission spokesperson said.
Oil prices hit a two-month high at $121 per barrel as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports.
A team of researchers from IIT-Madras is developing Zinc-air batteries electric vehicles which are said to have a longer shelf life than lithium-ion batteries and are more economical.
Iranian forces seized two Greek tankers in the Gulf, shortly after Tehran warned it would take "punitive action" against Athens over the confiscation of Iranian oil by the United States from a tanker held off the Greek coast.
