European refiners are being hit hard by a surge in prices for middle eastern crude, as the region faces limited supplies of 'medium sour' crude since imposing sanctions on Russian shipments late last year. With prices soaring to all-time highs, the pressure is on for Europe to find new sources of affordable crude to keep the wheels turning.

Barrel of woes: Europe's oil woes escalate as prices skyrocket

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Barrel of woes: Europe's oil woes escalate as prices skyrocket