The futures of Brent closed up $7.69, or 7.12%, at $115.62 a barrel, while the American West Texas Intermediate (WTI) it gained $7.42, or 7.09%, at $112.12 a barrel.
Such an embargo “could spell a precipice for global supply problems,” said John Kilduff, a partner at Again Capital LLC.
Given uncertainty over a possible ban on Russian oil imports by the EU, US gasoline futures rose 5%.
European Union governments will this week consider imposing an oil embargo on Russia over its invasion of Ukraine, in a series of summits aimed at toughening the West’s response to Moscow.
The EU and its allies have already imposed a string of measures against Russia, including freezing the assets of its central bank.
Ukraine defied a Russian demand that its forces lay down their arms before dawn in Mariupol, where hundreds of thousands of civilians have been trapped by the siege.
With few signs that the conflict is abating, attention has once again turned to whether the market will be able to replace the Russian barrels affected by the sanctions.
Over the weekend, attacks by Yemen’s Iran-aligned Houthi group caused a temporary drop in production at a joint Saudi Aramco refinery in Yanbu.fueling concern in an already tense oil products market.
Source: Ambito
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