Oil Leaps As EU Agrees Russian Crude Ban; U.S. Gas Prices Hit Fresh Record High

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The Street

By Martin Baccardax An EU ban covering around 90% of Russian crude exports has oil prices on the march Tuesday, with U.S. gasoline prices quoted at a fresh all-time high. Global oil prices extended recent gains Tuesday after European Union officials reached an agreement to ban all imports of seaborne Russian crude over the next six months. The decision, which followed weeks of political horse-trading with Hungarian President Viktor Orban, will exclude the Druzhba pipeline, which feeds energy into land-locked central European states — including Slovakia and the Czech Republic — but effectivel…

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