# Crude jumps more than 7% as EU mulls Russian oil ban

> Brent crude rose 7.12% to $115.62 and WTI settled 7.09% higher at $112.12 on March 21, 2022. European Union governments were weighing an oil embargo on Russia over its invasion of Ukraine, and a weekend attack on Saudi oil facilities added to the upward pressure.

- Date: 2022-03-21 · published 2022-03-21T12:00:00.000Z
- Category: geopolitics · region Europe · magnitude high
- Page: https://feedsoft.ai/events/9149-crude-jumps-more-than-7-as-eu-mulls-russian-oil-ban
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Sanctions on Russian barrels threaten supply, and the market is struggling to replace them, so energy and diesel costs for feed producers and transport are likely to rise. Higher crude also tends to lift vegetable oil and biofuel-linked feedstock prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2022-03-02 | [Oil price rises again as buyers shun Russian crude](https://feedsoft.ai/events/9459-oil-price-rises-again-as-buyers-shun-russian-crude.md) | +21.0% | +3.3% |
| BRENT | 2019-01-01 | [Oil Jumps Most Since June on Saudi-Russian Pact, Trade War Truce](https://feedsoft.ai/events/61727-oil-jumps-most-since-june-on-saudi-russian-pact-trade-war-truce.md) | +10.8% | +17.2% |
| BRENT | 2017-06-05 | [Oil markets jump more than 1% on Qatar-GCC row](https://feedsoft.ai/events/70674-oil-markets-jump-more-than-1-on-qatar-gcc-row.md) | -3.7% | -3.5% |
| BRENT | 2022-05-31 | [C$ holds near multi-week high as EU bans Russian oil - Markets - Business Recorder](https://feedsoft.ai/events/41646-c-holds-near-multi-week-high-as-eu-bans-russian-oil-markets-business-recorder.md) | +0.8% | -3.2% |
| 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 | 2019-01-01 | [Oil Jumps Most Since June on Saudi-Russian Pact, Trade War Truce](https://feedsoft.ai/events/61727-oil-jumps-most-since-june-on-saudi-russian-pact-trade-war-truce.md) | +9.7% | +17.5% |
| WTI | 2017-06-05 | [Oil markets jump more than 1% on Qatar-GCC row](https://feedsoft.ai/events/70674-oil-markets-jump-more-than-1-on-qatar-gcc-row.md) | -3.9% | -3.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/03/21/oil-markets-european-union-russia-saudi-refinery-output.html

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