London Brent crude futures hit a near three-month high

By the end of the day on May 31, London Brent crude oil futures for July delivery rose $1.17, or 0.96 percent, to close at $122.84 per barrel. At one point during the session, it rose to $124.64, a new high since March 9. Some reports pointed out that the recent sustained high oil prices are related to factors such as the EU’s increased sanctions on Russian oil exports.

On the evening of May 30, the leaders of EU member states agreed on a sixth round of sanctions against Russia, which will immediately ban imports of 75% of Russian oil, with temporary exceptions for oil supplied through pipelines.