Global oil benchmark grew in price on Monday, rising from 7.3 per cent to $115 a barrel.
The increase is coming as European Union nations considered joining the United States in a Russian oil restriction.
Figures reveal that the product has been gaining in price since about a week, as more nations impose sanctions on Russia over its war in Ukraine.
The rise in crude oil prices also came after a weekend attack on Saudi Arabia oil facilities.
Global oil prices moved higher ahead of talks this week between European Union governments and the United States President, Joe Biden, in a series of summits that aims to harden the West’s response to Moscow over its invasion of Ukraine.
Early on Monday, Ukraine’s deputy Prime Minister Iryna Vershchuk said there was no chance the country’s forces would surrender in the besieged eastern port city of Mariupol.
With little sign of the conflict easing, the focus returned to whether the market would be able to replace Russian barrels hit by sanctions.
However, despite the rise in crude oil price, Nigeria has not been able to fully take advantage of the development as the country has been missing its oil production quota approved the by OPEC.
