Oil Prices Hit $110 As Europe Prepares To Ban Russian Crude

Oil soared to $110 mid-Wednesday as details on the European Union’s plans to ban Russia oil continue to be revealed and digested by the market. Up 4.75% on the day as of 1:53 p.m. EST, just under $110 per barrel, oil prices are responding to additional details on European Union plans to embargo Russian oil, including through sanctions on insurance companies.  In one month, the European Commission proposes to ban all shipping, brokerage, insurance and financing servers related to the import and transport of Russian oil, Reuters cited…