The BBC is reporting oil prices have hit fresh highs after European Union leaders agreed a Russian oil import ban last night.
Brent crude rose above $123 a barrel on Tuesday, the highest it’s been for two months.
Prices for oil and gas have soared in recent months, fuelled – in part – by the Ukraine war.
Brent crude has risen more than seventy percent over the past year.
Russia currently supplies twenty-seven percent of the EU’s imported oil and forty percent of its gas, and oil prices climbed again on news of the latest EU embargo.
Investment Director at AJ Bell, Russ Mould, said prices were rising because European countries now need to find alternative sources of supply.
Meanwhile, the rising cost of living threatens to curtail some EU countries’ appetite for further sanctions which could also hurt their own economies.