EU leaders reached an agreement late Monday to ban Russian crude by the end of the year.
The U.S. crude futures were up 2% to $117.74 while the global crude futures were up 0.62% to $122.43.
Hungary initially held up the talks. Hungary is a major user of Russian oil and its leader, Viktor Orban, has been friendly with Russia's Vladimir Putin.
The European Council president said the move would hit 75% of Russian oil imports.
The European Union has imposed sanctions on Russia since it invaded Ukraine. Since the beginning of the month, talks have been going on about an oil embargo.
The sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline, according to a May 31 statement from the European Council.
European Commission President Ursula Von der Leyen said in a press conference that the remaining Russian oil is covered by a temporary exception.
The Council will return to the topic as soon as possible, either in one way or the other. She said that this is a topic where we will come back to and where we will still have to work on, but this is a big step forward.
Emergency measures will be introduced to ensure security of supply in the event of a supply interruption.
Russia is a country that plays an outsized role in global oil markets.
Concerns over an already tight energy market could be made worse by the ban. Over the past year, energy prices have gone up in many countries.
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