The European Union leaders on Monday agreed to ban 90% of Russian crude oil by the end of this year as a part of their sanctions against the country in response to its invasion of Ukraine. The move drove oil prices higher. Although prices eased after OPEC’s de-facto leader Saudi Arabia signaled an increase in oil supply if Russian output declines significantly due to the sanctions, it made no outright promise.
Meanwhile, U.S. drivers are paying record-high prices for gasoline. There are a number of factors beside the geopolitical conflict that are driving prices higher. These factors include the lifting of Chinese lockdowns in major cities such as Shanghai and less oil and gas from other sources, which might keep oil prices elevated.
