Oil prices jump again as European Union considers Russian oil ban
Oil prices jumped more than $3 on Monday, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.
Brent crude futures were up $3.40, or 3.2%, at $111.33 a barrel by 0958 GMT, adding to a 1.2% rise last Friday.
U.S. West Texas Intermediate (WTI) crude futures rose $3.65, or 3.5%, to $108.35, extending a 1.7% jump last Friday.
Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden in a series of summits that aim to harden the West’s response to Moscow over its invasion of Ukraine.
