The European Union intends to sanction Russian crude, and experts say crude could rise to $120

On April 6, market analyst Irina Slav wrote that the release of a large number of SPRs brought oil prices back below
$100/barrel.
After the news of Russia's ban on coal imports, coal prices rose
sharply.
Expectations of a decline in Russian exports and possible sanctions on its crude oil exports could push prices
higher again.
In her opinion, a rise to $120 is still possible
.

The White House announced a new round of sanctions against Russia on the 6th, including major Russian financial institutions and senior government leaders and their relatives
.
Ukrainian President Volodymyr Zelensky said that even if there is little opportunity, it is necessary to seek negotiations with the Russian side, otherwise it will be difficult to end the war
.

In addition, the EU seems to be increasingly interested in the idea of directly sanctioning the Russian energy sector, starting with a ban on coal
imports.
The United States will release 180 million barrels of crude oil, and several members of the International Energy Agency will release more than 60 million barrels
.
Saudi Arabia has just raised prices
for all buyers.
Higher oil prices may be coming
.

A few months ago, when analysts seemed to be trying to predict each other on crude prices, the most commonly cited bullish factor was OPEC+'s reluctance to raise production beyond initially agreed levels amid continued strong oil demand
.

Now, all the news seems to be about the war in Ukraine, and the main positive for oil is the expectation that Russian oil exports will continue to decline
.
The country is the world's largest exporter of crude oil and petroleum products and a major supplier to the EU, which explains the bloc's reluctance to target its energy sector
directly.
However, the pressure is mounting on Brussels, with coal already on the sanctions list and oil also being targeted, it may only be a matter of time
.
When this happens, Brent crude oil prices are likely to break above $120 and remain at this level
.

In addition, although the United States has publicly stated that it has banned the import of all oil and fuel from Russia, it has only been implemented since the 22nd, and it is hoarding Russian oil and products
.

In Irina Slav's view, oil prices could rise
after the EU banned Russian coal.
If the EU decides to go further and target oil itself, then oil prices will rise even higher
.

(Daily chart of Brent crude oil main contract)

At 8:44 Beijing time on April 7, the price of the main contract of Brent crude oil was 102.
18 US dollars / barrel
.