Oil prices jump over $4 as EU considers Russian oil ban | Reuters

Oil prices jump over $4 as EU considers Russian oil ban | Reuters

Oil prices jumped more than $4 on Monday, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.

Brent crude futures were up $4.55, or 4.2%, at $112.48 a barrel by 1205 GMT, adding to a 1.2% rise last Friday.

U.S. West Texas Intermediate (WTI) crude futures rose $4.35, or 4.2%, to $109.05, extending a 1.7% jump last Friday.

Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden in a series of summits that aims to harden the West's response to Moscow over its invasion of Ukraine.

EU governments will consider whether to impose an oil embargo on Russia.