Oil prices rose $3 on Monday, with Brent exceeding $110 a barrel, as European Union states considered joining the US in a Russian oil embargo, while a weekend attack on Saudi oil installations sparked concern.
Brent oil Brent Oil futures were up $3.44, or 3.2 percent, to $111.37 a barrel at 0443 GMT, following a 1.2 percent gain last Friday.
West Texas Intermediate (WTI) oil futures in the United States climbed $3.54, or 3.4 percent, to $108.24, extending a 1.7 percent gain last Friday.
Prices rose ahead of this week’s meetings between European Union countries and US President Joe Biden for a series of summits aimed at toughening the West’s reaction to Moscow’s invasion of Ukraine.
Governments in the EU will consider imposing an oil embargo on Russia.
Ukraine’s deputy prime minister, Iryna Vershchuk, stated early Monday that there was no possibility the country’s soldiers would surrender in the besieged eastern port city of Mariupol.