World oil prices close at highest level in nearly 3 months

01 June 2022

Brent crude oil closed on Tuesday to the highest level in nearly three months after the European Union reached a deal to ban 90% of its Russian oil imports by the end of the year, CNN reports.

Brent crude, the world benchmark, gained 1% on the day, settling at $122.84 a barrel – the highest close since March 8. Earlier in the session, Brent traded as high as $125.28.

This comes after the EU forged an agreement on a partial ban on Russian oil imports in a bid to punish Moscow for its invasion of Ukraine.

Tags: oil, oil production