Crude settles up more than 7% as EU mulls Russian oil ban | Reuters

Crude settles up more than 7% as EU mulls Russian oil ban | Reuters

Oil prices settled up more than 7% on Monday, with global benchmark Brent climbing above $115 a barrel, as European Union nations disagreed on whether to join the United States in a Russian oil embargo after an attack on Saudi oil facilities. read more

Brent futures settled at $115.62 per barrel, up $7.69 or 7.12%, while U.S. West Texas Intermediate (WTI) crude futures settled at $112.12 per barrel, up $7.42 or 7.09%.

Such an embargo "could be the precipice for global trouble supply-wise," said John Kilduff, a partner at Again Capital LLC.

Given the uncertainty about the EU's potential ban of Russian petroleum imports, U.S. gasoline futures jumped 5%.

European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West's response to Moscow.