Oil prices rose in early Asian trade on Tuesday after European Union leaders said they had agreed to cut 90 per cent of oil imports from Russia by the end of this year.
Brent crude futures for July, which will expire on Tuesday, gained 63 cents to $122.30 a barrel at 0012 GMT.
U.S. West Texas Intermediate (WTI) crude futures were trading at $117.65 a barrel, up $2.58 from Friday’s close. There was no settlement on Monday due to a U.S. public holiday.
The ban on Russian oil is expected to tighten a global crude market which has already been facing supply constraints amid post-pandemic demand recovery.