Brent crosses $102, WTI crude jumps more than 5%

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.