Oil prices are back above $100 U.S. a barrel after the European Union (EU) said it is working on new sanctions against Russia.
West Texas Intermediate crude oil, the U.S. benchmark, has topped $104 U.S. a barrel after the EU condemned Russia for alleged atrocities by its military in several Ukrainian towns, saying it will work on additional sanctions against Moscow as a matter of urgency.
French President Emmanuel Macron said the group will discuss possible sanctions on oil and coal, while German Finance Minister Christian Lindner said all economic ties with Russia must be severed as soon as possible.
At the same time, Saudi Arabia raised prices for customers in all regions. State producer Saudi Aramco hiked its Arab Light price to Asia by $4.40 U.S. a barrel from a month earlier, a large increase that pushed prices further into record territory.
The price of Brent crude oil, the international benchmark, climbed above $108 U.S. a barrel.
Last week, oil prices experienced their biggest weekly decline in two years after the U.S. announced a record release from the Strategic Petroleum Reserve. Allies within the International Energy Agency will also tap stockpiles, with details expected to be made public this week.
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