Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions | Reuters

Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions | Reuters

Oil prices jumped over 3% on Monday, with investors worried about tighter supply as mounting civilian deaths in Ukraine increased pressure on European countries to impose sanctions on Russia's energy sector.

Global benchmark Brent crude jumped$3.14, or 3%, to settle at $107.53 a barrel. U.S. West Texas Intermediate crude rose $4.01, or 4%, to settle at $103.28 a barrel. Trading was volatile with both contracts rising after being down more than $1.

German Chancellor Olaf Scholz said Russian President Vladimir Putin and his supporters would "feel the consequences" of events in Bucha, outside the capital Kyiv, where a mass grave and tied bodies shot at close range were found. read more

Western allies would agree on further sanctions against Moscow in coming days, he said, though the timing and reach of the new package was not clear.