Oil prices rose for a third day as the war in Ukraine neared the end of its first month, and European Union nations consider joining the United States in a Russian oil embargo, while attacks by Houthi rebels on energy facilities in Saudi Arabia temporarily disrupted production.
Brent crude is up more than $3 at $111.03 a barrel while US light crude is trading at $107.88 a barrel.
It's worth noting that a series of summits are expected to take place this week between EU governments and US president Joe Biden, where the EU leaders will consider whether to impose an oil embargo on Russia.
Yemen’s Houthi rebels attacked at least six sites across Saudi Arabia late Saturday and early Sunday, including some run by Saudi Aramco. The attacks targeted a fuel depot in Jazan in the southwest of the kingdom and a natural gas plant in the Red Sea city of Yanbu.
The surge in oil prices has spurred importers to pressure producers to step up supply, including members of the Organization of Petroleum Exporting Countries. At the weekend, Japan urged the United Arab Emirates to increase exports. Meanwhile, Saudi Aramco will raise spending as oil’s surge bolsters a plan to boost output.
