Oil prices rose today on growing fears of shrinking global supplies as the crisis in Ukraine deepens, raising the prospect of tougher Western sanctions once morest Russia, the world’s largest exporter.
Brent crude futures rose $1.50, or 1.3 percent, to $113.20 a barrel at 00:30 GMT, and West Texas Intermediate crude futures rose 98 cents, or 0.9 percent, to $107.93 a barrel.
And both crudes rose last Thursday, more than 2.5 percent due to news that the European Union may impose a ban on Russian oil imports.
EU governments said last week that the bloc’s executive was working on proposals to ban Russian crude, but diplomats said Germany was not actively supporting an immediate ban.
