The threat of a European Union ban on Russian oil is not without impact on the sector in general. On Wednesday, the price of oil rose, after falling 9% in the previous two sessions.

The European Union was working to secure support for a ban on Russian oil and that major producers warned that they might struggle to close the gap when demand improves. Brent oil rose $1.42, or 1.4%, to $103.88 a barrel at 0232 GMT, while U.S. West Texas Intermediate oil climbed $1.23, or 1.2%, to $100.99 a barrel. Both contracts lost more than a dollar in early trade.

Oil prices have fallen with commodities and stock markets this week, due to concerns about the blow to economic activity caused by prolonged COVID restrictions in China and sharp increases in interest rates and in the United States.