Oil hits record high since March following EU sanctions on Russia

price of a barrel of oil brentA reference to Europe, the markets rose before the opening of old continent Up to $124.03, its highest cost since early last March, after twenty-seven agreed to sanctions on Russian oil, though for now it would leave the oil pipeline that supplies Hungary out of sanctions.

price of a barrel of crude oil brent It was revalued at 3.85% compared to yesterday’s close, hitting an all-time high since March 9, after crossing the threshold of $124 per unit.

Hungary

In addition, the price of a barrel of oil West Texas Intermediate (WTI), the benchmark for the United States, stood at $119.42, compared to $115.07 on Monday, the highest since March 9.

heads of state and government The European Union Russia has agreed to abandon the oil pipeline supplying Hungary from the sanctions on Russian oil to unblock a sixth package of sanctions that would eliminate imports of this fuel from the sea. RussiaWhich in practice means vetoing at least two-thirds of the total oil reaching the EU.

The agreement points to a ban on all oil imported by sea “before the end of the year” and without a precise timetable leaves for the second phase, the development of the embargo implemented on the southern branch of the Druzhba pipeline, which supplies Hungary, Republic Check You Slovakia,

loss member countries According to European sources, they will continue to negotiate details in the coming days to impose a partial embargo on oil coming by sea with the aim of closing that part of the deal this week.

veto on imports

However, the exemption will be specified “as soon as possible”, without a set time frame, according to the text of the leaders’ conclusion on the formula designed for the exemption. Hungary To comply with the veto on imports, given its excessive reliance on Russian oil and the difficulties in finding immediate substitutes, due to the lack of access to the sea that facilitates supplies from other suppliers.