Oil rallied above $100 a barrel after the European Union said it was working on new Russian sanctions, while Saudi Arabia hiked its prices for all its buyers.
West Texas Intermediate rose 4% on Monday to top $103 a barrel. The European Union condemned Russia for alleged atrocities by its military in several Ukrainian towns, saying it will work on additional sanctions against Moscow as a matter of urgency. French President Emmanuel Macron said the group will discuss possible sanctions on oil and coal, while German Finance Minister Christian Lindner said all economic ties with Russia must be severed as soon as possible.
