Oil settles higher on Russian supply disruption | Reuters

Oil settles higher on Russian supply disruption | Reuters

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.

Brent crude settled up $3.06, or 3.1%, at $100.99 a barrel after touching a high of $105.07 in early trade.

The Brent contract for April delivery expires on Monday. The most active contract, for May delivery, was up $3.14 at $97.26.

U.S. West Texas Intermediate (WTI) crude settled up $4.13, or 4.5%, at $95.72 after hitting $99.10 in early trade.

"The tight global oil market could become even tighter following last week’s Russian invasion of Ukraine," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.