Oil extends bull run as EU agrees to ban most Russian oil

HOUSTON: Oil prices extended a bull run on Tuesday after the EU agreed to a partial and phased ban on Russian oil and China decided to lift some COVID-19 restrictions and the US summer driving season kicked off.

Brent crude for July, which expires on Tuesday, rose $1.58, or 1.3 percent, to $123.25 a barrel by 12:30 p.m. ET (1630 GMT), after earlier rising to $125.28 — its highest since March 9. The more active August contract hit a high of $120.80.