Commodity Superfast: Crude prices jump as EU plans ban on Russian oil

Crude oil prices have jumped today. Brent crude has gained 3%, trading around $108 a barrel, while US West Texas Intermediate (WTI) crude futures climbed above $106 a barrel. MCX Crude futures is trading above ₹8,100. EU will gradually stop buying oil from Russia. Crude oil prices have risen as the EU commissioner proposed sanctions on Russia this morning. The EU will stop buying oil in phases over the next 6 months. Hungary Slovakia will have 20 months.