Oil prices rose to a two-month high on Monday, as traders waited to see if the European Union would reach an agreement on a Russian oil embargo ahead of a meeting related to the sixth package of sanctions once morest Moscow over the Ukraine war.
Brent crude futures for July rose more than a dollar to $120.50 a barrel, while US West Texas Intermediate crude futures jumped a dollar to $116.10 a barrel, continuing the strong gains made last week.
European Union leaders are scheduled to meet on Monday and Tuesday to discuss the sixth package of sanctions once morest Russia over the Ukraine war.
Any additional ban on Russian oil will lead to a supply shortage in the crude oil market, which is already under pressure on supplies amid increased demand for gasoline, diesel and jet fuel ahead of the peak summer demand season in the United States and Europe.
