Oil prices rose sharply on Tuesday, hitting their highest level in over two months. In the morning, a barrel (159 liters) of North Sea Brent cost US$ 123.32. That was $1.65 more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) variety rose by $3.47 to $118.54.

The prospect of reduced supply from Russia as a result of new European Union sanctions over the Ukraine war is driving oil prices. The EU countries have agreed on a compromise in the dispute over the planned oil embargo against Russia. At Hungary’s insistence, only Russian oil deliveries by sea are to be stopped for the time being. Pipeline transports will continue to be possible for the time being.

Market traders referred to the statement by EU Commission President Ursula von der Leyen as the driving force behind oil prices, according to which the European Union’s oil imports from Russia will be reduced by around 90 percent by the end of the year, despite the exception for pipeline deliveries. The background to this figure is that Germany and Poland have already made it clear that they do not want to benefit from the pipeline oil exemption. (dpa)