Oil prices push $110 after EU proposes Russian oil ban

Oil prices reached $109.70 per barrel on Wednesday after the European Commission chief proposed an oil embargo on Russia.

International benchmark Brent crude cost $108.63 per barrel at 1400GMT for a 3.49% gain after closing the previous session at $104.97 a barrel.

American benchmark West Texas Intermediate traded at $106.14 per barrel at the same time for a 3.64% increase after the previous session closed at $102.41 per barrel.

The commission proposes "a complete import ban on all Russian oil seaborne and pipeline, crude and refined," European Commission President Ursula von der Leyen said during the European Parliament's plenary session in France.

After adoption, the ban on crude oil would enter into force six months later, and prohibit refined oil products by the end of the year.

The sanctions will "maximize the pressure on Russia" and the delay would give a chance for the bloc to "minimize the collateral damage," von der Leyen said.

The EU imported about 30% of Russian crude oil last year, according to the International Energy Agency (IEA).

Within the European Union, Germany buys the most Russian oil, with 555,000 barrels per day in 2021, according to the IEA.