Oil opens higher as EU members weigh Russian oil ban

Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market.

Front-month West Texas Intermediate futures were up $2.21, or 1.97%, to $114.33 a barrel on NYMEX and Brent futures were up $2.51, or 2.26%, to $118.23 a barrel on the Intercontinental Exchange at 0014 GMT.