Oil Prices Rally After Germany Drops Opposition to Russian Oil Embargo

German Minister of Economics and Climate Protection Robert Habeck speaks as he presents the German government's annual economic report in Berlin, Germany, on Jan. 26, 2022. John Macdougall/Pool Via Reuters

Oil prices rose on Thursday in the Federal Republic of Germany, as the German government has signaled its willingness to join the other EU members in an embargo of Russian oil exports.

On Thursday, Brent Crude futures rose by $2.27 to a total of $107.59 per barrel, whereas U.S. West Texas Intermediate crude rose by $3.34 to $105.36 per barrel.