OIL headed for the longest run of monthly gains in more than a decade as European Union (EU) leaders agreed to pursue a partial ban on imports of crude from Russia to increase pressure on Moscow for its invasion of Ukraine.
Global benchmark Brent topped $122 a barrel, hitting a two-month high. The latest round of EU sanctions would forbid buying oil from Russia delivered by sea but includes a temporary exemption for pipelines, European Council President Charles Michel said.
The package also proposes a ban on insurance related to shipping oil to third countries, people familiar with the deal said.
Crude has soared this year as the conflict in Europe tightened global supplies at a time of rising demand, depleting stockpiles and boosting product prices to all-time highs. Brent and US benchmark West Texas Intermediate are on course to close out a sixth monthly climb in May. Oil prices have also
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