Ursula von der Leyen, European Commission president
Oil sees muted spike on EU import ban
The immediate impact of an official EU embargo on Russian crude and products may be outweighed by a longer-term reaction
The Brent crude benchmark was up by less than 4pc in early Wednesday afternoon trading, at just shy of $109/bl, despite the European Commission proposing a ban on Russian crude and products imports by the end of the year. But, while a combination of nagging doubts about Chinese demand, lack of clarity on potential carveouts from the ban and little trader appetite to take directional price punts may have dampened the immediate impact, analysts warn of longer-term bullishness. “In the last sanctions package, we started with coal; today, we are addressing our dependency on Russian oil,” says Commission president Ursula von der Leyen. “Let us be clear: it will not be easy, because some member st
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
