New EU Sanctions Package Sparks Oil Price Debate ...Middle East

Crude oil prices began trade this week with a modest gain after on Friday the European Union approved the 18th package of sanctions against Russia, targeting once again its energy industry with a lower price cap and specific sanctions against energy companies. Brent crude was trading at $69.35 per barrel at the time of writing, and West Texas Intermediate was trading at $67.52 per barrel. Russia’s flagship Urals, which the EU has now capped at 15% below its market price in an attempt to make the whole idea of a price cap work after indirectly…

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