Crude oil hits $120 a barrel as EU considers banning Russian oil

War in Ukraine is the principal driver of a six-month period of sustained price increases

Brent crude is on course for a sixth straight monthly price rise in the longest such run in more than a decade.

Oil climbed to a two-month high as China eased anti-virus lockdowns and the EU worked on a plan to ban imports of Russian crude.

Brent crude rose above $120 a barrel during the session, extending last week’s 6% rally, to reach the highest intraday level since March 25.