The EU's discussion of the Russian oil embargo has spurred a sharp rise in international oil prices

Affected by factors such as the EU's discussion of the oil embargo on Russia and geopolitical risks in the Middle East, international crude oil futures prices rose by more than 7%
on March 21.

Light crude futures for April delivery rose $7.
42, or 7.
09%,
to settle at $112.
12 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for May delivery rose $7.
69, or 7.
12%, to settle at $115.
62 a barrel
.

EU member states discussed increasing sanctions against Russia on the 21st, and had different
opinions on whether to impose an oil embargo on Russia.
According to reports, Lithuania, Ireland and other foreign ministers called on the EU to increase sanctions against Russia's energy industry and impose an oil embargo as part of a new round of
sanctions against Russia.
Germany, the Netherlands and others opposed the proposal
.

Russian Deputy Prime Minister Alexander Novak warned on the 21st that if Russian crude oil exports are completely interrupted, oil prices will rise to the level of $300 per barrel, or even higher
.

Russian Presidential Press Secretary Dmitry Peskov warned on the 21st: "The embargo will seriously affect the global crude oil market and have a very bad impact
on the European energy balance.
" ”

Analysts at commodities broker Blue Thread Futures said news of possible EU sanctions on Russian energy exports pushed oil prices higher
.

UBS Group released a report on the 21st that Brent oil prices rose
as the European Union considered banning the import of Russian oil.
In addition, Yemen's Houthi armed forces recently launched a crackdown on Saudi Arabia's energy facilities, which has also increased the pressure
on oil prices.

Commerzbank commodities analyst Carsten Fritsch said the Houthi attack, while not causing serious damage, showed a clear possibility
of energy supply disruptions in Saudi Arabia.

Francisco Blanche, head of commodity and derivatives research at Bank of America, said on the 21st that since the beginning of this year, commercial crude oil inventories in the Cushing area of the United States, where crude oil futures are delivered in the New York market, have decreased by about 13 million barrels
.