Deliveries of crude oil from the US to Europe in April reached the highest level since Congress lifted the ban on oil exports six years ago.

Last month, the US shipped 48.8 million barrels of oil to Europe from large terminals in Texas and Louisiana, according to data provided by Bloomberg. That's almost half of what the US shipped from the Gulf Coast, the country's main oil export hub.

The surge in supplies from the US to Europe comes as buyers in the EU continue to refuse to do business with Moscow.

Meanwhile, the EU is expected to announce plans for a phased embargo on Russian oil as part of yet another round of sanctions this week.

The EU moved closer to the embargo after Germany said last week it no longer objected to such a massive move. However, Vice Chancellor Robert Habeck said the embargo would hurt the European economy.

Hungary, for its part, has also acknowledged the financial strain that could befall Europe and remains openly opposed to the oil embargo.