Oil Prices Spike, as U.S. Seeks, Massive Crude Purchases.<br />Al Jazeera reports that <br />the price of oil has jumped to <br />the highest it's been since late March. .<br />Prices were reportedly supported by OPEC approving <br />a limited production increase in response to the <br />European Union's proposed ban on imports from Russia. .<br />This week, the EU announced a plan to ban Russian <br />crude and refined fuels over the next year to increase <br />pressure on Russia to end its war with Ukraine. .<br />This week, the EU announced a plan to ban Russian <br />crude and refined fuels over the next year to increase <br />pressure on Russia to end its war with Ukraine. .<br />Al Jazeera reports that the EU has also <br />targeted insurers with the goal of impairing <br />Russia's ability to transport oil around the world. .<br />Al Jazeera reports that the EU has also <br />targeted insurers with the goal of impairing <br />Russia's ability to transport oil around the world. .<br />A United States Energy Department official <br />told CNN that the Biden administration plans <br />to seek bids for 60 million barrels of crude. .<br />A United States Energy Department official <br />told CNN that the Biden administration plans <br />to seek bids for 60 million barrels of crude. .<br />The massive purchase comes<br />as an attempt to replenish the nation's <br />shrinking emergency oil reserve. .<br />Al Jazeera reports that oil has <br />skyrocketed over 40% this year. .<br />Al Jazeera reports that oil has <br />skyrocketed over 40% this year. .<br />The surging price has been driven by Russia's <br />war disrupting flows, rapidly rising inflation <br />and major central banks tightening policies. .<br />The surging price has been driven by Russia's <br />war disrupting flows, rapidly rising inflation <br />and major central banks tightening policies. .<br />While OPEC has agreed to increase production <br />by 432,000 barrels a day, the group only <br />managed an increase of 10,000 barrels a day in April. .<br />According to Al Jazeera, the nominal <br />increase in April indicates the difficulty <br />the group is having with increasing output.
