Brent crude futures jumped more than $3 to $119 a barrel early Tuesday, a day after oil prices closed more than 7% higher as the European Union considers banning Russian oil.
Oil prices closed more than 7% higher on Monday, and Brent crude jumped above $115 a barrel, while European Union countries disagreed over joining the United States in imposing an embargo on Russian oil and after an attack on oil facilities in Saudi Arabia.
Brent contracts closed to the nearest maturity of the trading session on Monday, up $7.69, or 7.12 percent, to record at a settlement of $115.62 a barrel.
US West Texas Intermediate crude contracts rose $7.42, or 7.09 percent, to settle at $112.12 a barrel.
Given the uncertainty surrounding a possible European Union embargo on petroleum imports from Russia, US gasoline futures jumped five percent.
European Union governments are considering whether to impose an oil embargo on Russia when they gather this week with US President Joe Biden for a series of summits aimed at toughening the West’s response to Moscow.
The European Union has already imposed a list of measures against Russia, including freezing the assets of its central bank.
With the war in Ukraine showing little sign of abating, the focus has returned to whether the market can replace sanctions-hit Russian oil.