The European Union's embargo has had a strong impact on oil. This Tuesday, prices are at their highest level in over two months.

Galvanized by the announcement of the EU finally reaching an embargo on most of Russian oil, oil prices increased to levels not seen since the peaks reached in early March. At around 11:50 GMT (13:50 CET), a barrel of Brent North Sea crude for July delivery, which is the last day of trading, was up 1.63 percent at $123.65. U.S. West Texas Intermediate (WTI) for July delivery was up 3.26 percent at $118.82.

Earlier, the price of a barrel of Brent crude oil rose to 124.10 dollars, and that of U.S. WTI to 119.43 dollars, the highest in more than two months. On March 7, Brent peaked at $139.13, and WTI at $130.50 a barrel, levels not seen since the 2008 financial crisis.