• Brent crude futures climbed $4.55, or 4.2%, at $112.48 a barrel
• U.S. West Texas Intermediate (WTI) crude futures rose $4.35, or 4.2%, to $109.05
Oil prices soared more than $4 on Monday as the European Union nations are mulling over banning Russian oil, like the United States.
Brent crude futures climbed $4.55, or 4.2%, at $112.48 a barrel while the U.S. West Texas Intermediate (WTI) crude futures rose $4.35, or 4.2%, to $109.05.
U.S. President Joe Biden and European Union governments are set to have talks regarding increasing sanctions against Russia as the country continues invasion of Ukraine.
EU governments are yet to decide if would ban Russian oil.
Saudi Aramco refinery joint venture was attacked by Yemen's Iran-aligned Houthi group over the weekend which led to a decrease in oil output. This also led to oil price hike.
An OPEC+ report shows that some oil producers are still unable to meet the desired oil output.
Picture Credits: Reuters