# Oil Surges On Growing Supply Fears as EU Considers Russian Ban - Bloomberg

> New York crude futures rose 7.1% on Monday, March 21, 2022. European Union countries were pushing for a fifth round of sanctions on Russia, including a possible ban on Russian oil imports that analysts expect to have a significant effect on global crude markets.

- Date: 2022-03-20 · published 2022-03-20T12:00:00.000Z
- Category: geopolitics · region EU · magnitude medium
- Page: https://feedsoft.ai/events/8485-oil-surges-on-growing-supply-fears-as-eu-considers-russian-ban-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

An EU oil import ban on Russia would remove large volumes from global supply, supporting crude prices and raising costs for energy, fertilizer and freight used in feed production.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-22 | 5 | +15.1% | 3.3 | Crude futures rose about 7% on March 21 on EU fifth-sanctions-package and possible Russian oil ban expectations, a supply-risk driver inside the window. |
| BRENT | 2022-03-23 | 5 | +21.9% | 3.8 | Crude rose over 7% on March 21 as the EU pushed a fifth sanctions round that could ban Russian oil, raising expected supply loss. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-21 | [Oil prices jump again as EU considers Russian oil ban \| Reuters](https://feedsoft.ai/events/8483-oil-prices-jump-again-as-eu-considers-russian-oil-ban-reuters.md) | +10.3% | +3.4% |
| WTI | 2022-04-03 | [Oil Prices Don’t Fully Reflect Russian Supply Risks, Says Vitol - Bloomberg](https://feedsoft.ai/events/11047-oil-prices-don-t-fully-reflect-russian-supply-risks-says-vitol-bloomberg.md) | -1.0% | +5.9% |
| WTI | 2022-03-04 | [Oil surges to multi-year highs as Russian supply shortfall looms](https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms.md) | -1.6% | -6.7% |
| WTI | 2023-02-13 | [Oil edges higher as market weighs Russian supply cuts amid demand fears \| Reuters](https://feedsoft.ai/events/37491-oil-edges-higher-as-market-weighs-russian-supply-cuts-amid-demand-fears-reuters.md) | -4.3% | -6.3% |
| WTI | 2022-03-17 | [Oil surges 8% amid warnings of Russian supply shortages \| Reuters](https://feedsoft.ai/events/8482-oil-surges-8-amid-warnings-of-russian-supply-shortages-reuters.md) | +21.1% | +9.8% |
| BRENT | 2022-03-21 | [Oil prices jump again as EU considers Russian oil ban \| Reuters](https://feedsoft.ai/events/8483-oil-prices-jump-again-as-eu-considers-russian-oil-ban-reuters.md) | +9.5% | +0.8% |
| BRENT | 2022-04-03 | [Oil Prices Don’t Fully Reflect Russian Supply Risks, Says Vitol - Bloomberg](https://feedsoft.ai/events/11047-oil-prices-don-t-fully-reflect-russian-supply-risks-says-vitol-bloomberg.md) | -3.1% | +2.6% |
| BRENT | 2022-03-04 | [Oil surges to multi-year highs as Russian supply shortfall looms](https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms.md) | -0.9% | -4.7% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-03-20/oil-rises-as-traders-gauge-war-in-ukraine-middle-east-tensions

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.