Oil Prices Jump Amid Persistent Supply Concerns, EU Proposal to Ban Russian Imports

A view shows supply pipes at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on March 8, 2022. Ina Fassbender/AFP via Getty Images

Oil prices continued to rise on Friday amid concerns about tightened supplies ahead of the European Commission’s (EC) proposal to ban Russian oil by the end of the year.

Brent futures rose 84 cents, or 0.8 percent, to $111.74 a barrel by 0306 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 0.7 percent, to $109.06 a barrel.