Oil jumps as EU agrees further sanctions threatening Russian oil flows [Video]

Oil prices jumped Wednesday after the European Union agreed an additional round of sanctions threatening Russian oil flows, while a larger-than-expected build in U.S. fuel stockpiles last week capped the gains.

Brent crude futures were up $1.33, or 1.84%, to close at $73.52 a barrel. U.S. West Texas Intermediate crude futures rose $1.70, or 2.48%, to settle at $70.29.

European Union ambassadors agreed on Wednesday to a 15th package of sanctions on Russia over its war against Ukraine, the Hungarian EU presidency said.

“I welcome the adoption of our 15th package of sanctions, targeting in particular Russia’s shadow fleet”, European Commission President Ursula von der Leyen said on X.

The “shadow fleet” has aided Russia in bypassing the $60 per barrel price cap imposed by the G7 on Russian seaborne crude oil in 2022, and has helped keep Russian oil flowing.

U.S. crude futures rose more than $1 per barrel after the sanctions were …