Brent crude, the global oil benchmark, appreciated in price on Monday, moving up by 7.3 per cent or $7.88 to $115/barrel as European Union nations considered joining the United States in a Russian oil embargo.
Industry figures showed that the commodity has been gaining in price since about a week, as more nations impose sanctions on Russia over its war in Ukraine.
The rise in crude oil prices also came after a weekend attack on Saudi Arabia oil facilities.
