Brent frontmonth contract rises for 9th straight session
EU bans seaborne Russian oil imports in phased manner
Crude oil ban phasein over 6 mths, refined products 8 mths

LONDON, May 31 Reuters Oil prices extended a bull run on Tuesday after the EU agreed to a partial and phased ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of the peak U.S. and European summer driving season.

Brent crude for July, which expires on Tuesday, rose 2.11, or 1.7, to 123.78 a barrel by 1103 GMT, after earlier rising to 124.10 its highest since March 9. The August contract rose 1.57 to 119.17.

The premium of Augustloading Brent contracts over a sixmonth spread hit a nineweek high at close to 15 a barrel, indicating current supply tightness.

U.S. West Texas Intermediate WTI crude was trading at 118.53 a barrel, up 3.46 in a fourth consecutive session of gains, up 3 from Friday39;s close, hitting its highest since March 9. There was no settlement on Monday due to a U.S. public holiday.

Both Julyloading contracts are set to end May as the sixth straight month of rising prices.

European Union leaders agreed in principle to cut 90 of oil imports from Russia, the bloc39;s toughest sanction yet on Moscow since the invasion of Ukraine three months ago. 

Once fully adopted, sanctions on crude oil will be phased in over six months and on refined products over eight months.The embargo exempts pipeline oil from Russia as a concession to…