Oil price on Thursday crossed the $110 mark after the European Union laid out plans to place a phased ban on all Russian oil imports. Brent crude rose 1.4% to $111.73/barrel while US West Texas Intermediate (WTI) rose 1.2% to $109.11/barrel. "Today, we'll propose...a complete import ban on all Russian oil," EU chief Ursula von der Leyen said on Wednesday.