Brent tops $124 as European Union to ban 90% of Russia oil by year-end

Ban likely to cost moscow billions of dollars every year

European Union leaders handed Hungary concessions to agree an oil embargo on Russia over its invasion of Ukraine, sealing a deal in the early hours of Tuesday that aims to cut 90% of Russia's crude imports into the bloc by the end of the year.

As a result, oil prices extended a bull run as they touched $124.64 on Tuesday — its highest since March 9. 

The deal excludes from the embargo shipments by pipeline, which Hungary relies on for Russian oil. It aims to reduce Moscow's income to finance the war it launched more than three months ago in Ukraine, with