Oil drilling rigs
Oil prices jumped on Monday as sanctions against Russia increased over its invasion of Ukraine.
The international benchmark Brent crude was trading up 4.67% at $102.50 per barrel, at 8.55 am Makkah time.
West Texas Intermediate (WTI) crude rose 5.38% to $96.52 a barrel.
Russia is a major energy supplier in the world, and Europe depends on it for about a quarter of its imports of oil and a third of its imports of natural gas.
Meanwhile, the European Union plans to discuss a coordinated liberalization of emergency oil reserves to help counter price hikes due to Russia-Ukraine conflict, Bloomberg reported, citing sources.
Separately, the White House confirmed that US President Joe Biden intends to hold a conference call with Washington's allies later today, to discuss Russia-Ukraine developments and coordinate a unified response.
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