Drilling restriction and crude bans lead to higher oil prices
Washington Examiner: O il prices soared on Tuesday following news that European Union leaders had reached a consensus on a plan to ban nearly all Russian oil imports by the end of the year, seeking to punish Moscow for its war in Ukraine , even as the bloc scrambles to secure alternative supplies. News of the embargo , which is slated to be finalized this week, sent crude oil futures rising Tuesday morning to the highest levels in more than a decade. International benchmark Brent Crude saw a 1.90% increase, rising to $123.98 a barrel in the early hours of trading, near the highest price since 2012. Meanwhile, futures for the U.S.-based West Texas Intermediate climbed to their highest levels in more than a decade, rising as high as $119.10 a barrel Tuesday morning — a roughly 3.50% spike. The last time prices were close to this high was mid-March. Leaders said on Tuesday that the planned oil embargo would immediately hit 75% of Russian oil imports to the bloc. It will halt all Ru