Global oil prices have jumped more than $3 a barrel, with Brent crude climbing above $111, as the European Union nations consider 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 on Monday, or 3.2 percent, at $111.33 a barrel by 09:58 GMT, adding to a 1.2 percent rise last Friday.
US West Texas Intermediate (WTI) crude futures rose $3.65, or 3.5 percent, to $108.35, extending a 1.7 percent jump last Friday.
Prices moved higher before talks this week between EU governments and US President Joe Biden in a series of summits that aim to harden the West’s response to Moscow over its invasion of Ukraine.
EU governments will consider whether to impose an oil embargo on Russia.
On Monday morning, Ukraine’s Deputy Prime Minister Iryna Vershchuk said there was no chance the country’s forces would surrender in the besieged eastern port city of Mariupol.
With little sign of the conflict easing, the focus returned to whether the market would be able to replace Russian barrels hit by sanctions.