Oil prices up more than $6 as EU considers Russian oil ban | Reuters

Oil prices up more than $6 as EU considers Russian oil ban | Reuters

Oil prices jumped by more than $6 on Monday, with Brent crude climbing above $114 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 $6.52, or 6%, at $114.45 a barrel by 1442 GMT, adding to a 1.2% rise on Friday.

U.S. West Texas Intermediate (WTI) crude futures rose $5.90, or 5.6%, to $110.60.

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.