Brent crude futures rose 91 cents, or 1%, to $88.91 a barrel, following closing at the lowest level since early February in the previous session.
US crude futures rose 95 cents, or 1.2%, to $82.89 a barrel.
Prices received a boost from Russian President Vladimir Putin’s threat to halt the country’s oil and gas exports if European buyers impose a price ceiling.
The European Union proposed capping the price of Russian gas only hours later, raising the prospect of supply rationing in some of the world’s richest countries this winter if Moscow carries out its threat.
Russia’s Gazprom has already halted flows through the Nord Stream 1 pipeline, cutting off a significant portion of supplies to Europe.
Analysts from Haitong Futures said in a note that the trend of oil prices is being shaped by “various external forces such as the energy battle between Western countries and Russia.”
They noted that the potential impact of any agreement or the reinstatement of an agreement between the West and Iran on Tehran’s nuclear program would also be significant, and the agreement would lead to the lifting of sanctions on Iranian oil exports.
