Price of July Brent futures exceed $123 per barrel

Global oil prices rose by 1% and more on May 31 morning, and the price of Brent futures (for delivery in July) jumped above $123 per barrel, Report informs.

After the EU decided to limit the import of Russian oil, its prices are so high for the first time in more than two months.

The price of August futures for Brent crude oil rose by 1.43%, to $119.28 per barrel, in July - by 1.26%, to $123.2. Brent is trading above $123 a barrel for the first time since March 24. July futures for WTI rise in price at the same time by 1.2%, to $118.59 per barrel.

On May 31 night, the EU reached an agreement on the introduction of a partial oil embargo, which will affect Russian oil supplies by the sea. At the same time, the bloc confirmed that oil coming through the pipeline will not fall into the sixth package of sanctions. But it is assumed that by the end of the year the EU will actually reduce oil imports by 90%.

Expectations of rising demand in China also contribute to higher oil prices, as the country eases restrictions on the movement of people.

Markets also continue to monitor the situation with Greek tankers. Soldiers of the Islamic Revolutionary Guard Corps detained two tankers in the Persian Gulf on May 27. They said that this was a response to the actions of the Greek authorities, who had previously seized a tanker with Iranian oil, and then handed over the oil to the American authorities.