that may include a Russian crude ban to punish Moscow for its war in Ukraine, talks will continue during the week. Hungary is so far refusing to back a compromise despite proposals aimed at ensuring its oil supplies. An EU official said a deal is still possible in the coming days as leaders meet.
Brent crude is on course for a sixth straight monthly climb that would be the longest such run in more than a decade. The advance has been driven by the fallout from, as well as increased demand as more economies return from Covid-related restrictions. In the US, the summer driving season kicked off at the weekend with retail gasoline prices at a record.
“The market is certainly taking a glass-half-full approach today,” said Daniel Hynes, senior commodities strategist at Australia & New Zealand Banking Group Ltd. The market is tightening without any new EU sanctions ahead of the peak-driving season, which will boost demand even further, he said.Brent for July settlement rose as much as 0.9% to $120.50 a barrel on the ICE Futures Europe exchange, before trading at $120.01 as of 11:29 a.m. in Singapore.