This ban will have huge implications for Russia, NATO, and the U.S. economy. We must pray that American families stay safe.

From CNBC. Oil prices jumped after EU leaders reached an agreement late Monday to ban 90% of Russian crude by the end of the year.

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U.S. crude futures for July added 2% to trade at $117.38, while Brent crude futures were up 1.4% at $123.37. At one point, U.S. crude rose to $119.42 per barrel — a 12-week high.

The agreement resolves a deadlock after Hungary initially held up talks. Hungary is a major user of Russian oil and its leader, Viktor Orban, has been on friendly terms with Russia’s Vladimir Putin.

Charles Michel, president of the European Council, said the move would immediately hit 75% of Russian oil imports….

The European Council added that in case of “sudden interruptions” of supply, “emergency measures” will be introduced to ensure security of supply….

[European Commission President Ursula] von der Leyen explained that the temporary exemption was granted so that Hungary, along with Slovakia and the Czech Republic — all connected to the southern leg of the pipeline — have access which they cannot easily replace.

Roughly 36% of the EU’s oil imports come from Russia, a country that plays an outsized role in global oil markets.

The ban could exacerbate worries over an already-tight energy market. Energy prices have soared over the past year, contributing to a heated inflationary environment in many countries….

What do you think of this decision? Share your thoughts and prayers below.

(Excerpt from CNBC. Photo Credit: Canva)