Oil prices jumped today, with the European Union, the largest trading bloc in the world, announcing plans to gradually dispense with imports of Russian oil, offsetting the impact of fears of declining demand from China, the world’s largest oil importer.

By 07:46 GMT, Brent crude futures rose $2.94 a barrel, or 2.8 percent, to $107.91 a barrel, amid trading in small quantities due to a holiday in China and Japan. US West Texas Intermediate crude futures rose $3.02, or 3 percent, to $105.43 a barrel, reports a local Arabic daily.

European Commission President Ursula von der Leyen on Wednesday proposed a gradual embargo on Russian oil due to the war on Ukraine, in addition to imposing sanctions on Russia’s largest bank in order to further isolate Moscow.

The measures proposed by the European Commission President included the elimination within six months of Russian crude and refined products by the end of 2022. Von der Leyen pledged to reduce the impact on European economies.

According to market sources, citing data from the American Petroleum Institute, US crude and fuel stocks fell last week.

Crude stocks fell 3.5 million barrels in the week ending April 29, the sources said.

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