Oil prices rose to record highs on Tuesday after European Union leaders decided in principle to restrict 90 percent of Russia's oil imports, the bloc's strongest measure against Moscow since the invasion of Ukraine three months ago. The embargo, though, exempts pipeline oil from Russia to Hungary.

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Oil prices found further support after Shanghai announced an end to its COVID-19 lockdown from Wednesday, allowing residents of China's largest city to leave their houses and drive their cars.

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The new sanctions will apply to Russian crude that is delivered by shipments and will be phased in over six months, with refined products implemented over eight months.

According to reports, some OPEC+ (Organization of the Petroleum Exporting Countries) members are exploring the idea of suspending Russia’s participation in the alliance’s oil-production deal.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

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