WTI oil prices jump more than 1% past $107 on tight oil concerns.

WTI crude futures were up more than 1%, past $107 today. Amid concerns about oil tightness

As of 10:20 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in June. Trading on the NYMEX was up $1.40, or 1.32%, to $107.11/barrel.

Oil prices were boosted as the European Union (EU) prepares to impose sanctions on Russian oil. including the closure of the Ukrainian gas pipeline from Russia to Europe.

Ukraine has closed the main routes of gas transportation to Europe. By stating that it was intervened by Russian forces. As a result, Russian gas shipments to Europe dropped by about a quarter on Monday, and it was the first time gas transmissions had been halted since Russia’s military invasion of Ukraine.

It was also reported that Russia will suspend gas supplies to Finland tomorrow. It was in response to Finland’s preparation to join the North Atlantic Treaty Organization (NATO), which Russia views as a security threat.

Ursula von der Leyen, President of the European Commission (EC), the EU’s executive body, has asked EU members to suspend imports of Russian crude and refined oil products in response to Russia’s use of military force. The invasion of Ukraine, however, required the approval of all 27 EU members.