Oil Surges On Growing Supply Fears as EU Considers Russian Ban
- Saudi Arabia calls for help to tackle attacks on its oil sites
- U.S. futures advance more than 7% to settle above $112
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Oil rose for a third day as the war in Ukraine neared the one-month mark without a conclusion in sight, exacerbating supply concerns over the loss of Russian crude.
Futures in New York rose 7.1% to settle above $112 a barrel on Monday. Several European Union countries are pushing for a fifth round of sanctions on Russia, though some remain opposed to including oil in those measures. The Kremlin said an EU ban on oil imports from Russia would have a profound effect on the global crude market and hit the continent the hardest.