EU ban on Russian seaborne oil to intensify shifts in trade flows

The EU has agreed to ban Russian oil imports by sea, amounting to more than two-thirds of Russian crude deliveries to the bloc, in a move expected to further reshape global energy flows and add to price pressures as buyers seek alternative supplies. Brent crude futures for August were up by 1.6%, or $1.92/b, at $119.51/b in mid-morning European trade…