Oil Prices Continue to Rise by Over 2%, Brent Exceeds $118

Oil prices continued to rise on Tuesday, amid supply concerns in the markets due to the repercussions of the Russian war in Ukraine and the Houthi attack on a Saudi oil facility. Brent crude futures increased by 2.23% to reach $118.18 per barrel, while U.S. crude futures rose by 2.13% to $112.31 per barrel. Brent contracts for the nearest expiration ended yesterday's trading session up $7.69, or 7.12%, settling at $115.62 per barrel. West Texas Intermediate crude contracts gained $7.42, or 7.09%, to finish at $112.12 per barrel. European Union governments will consider whether to impose an oil embargo on Russia due to its invasion of Ukraine when they gather this week with U.S. President Joe Biden in a series of meetings aimed at tightening the West's response to Moscow. The EU has already imposed a list of measures against Russia, including freezing its central bank assets.