Oil surged more than 7% as EU members discussed new sanctions on Russia

International benchmarks for crude oil ended the trading session on Monday, 21 March 2022 with more than 7% gains after the European Union countries debate on the fifth wave of sanctions on Russia, including its barrels. Meanwhile, an attack on the Saudi oil facility added more weight to the global supply outlook.

Brent surged $7.69 or 7.12% to close at $115.62/barrel. 

WTI jumped $7.42 or 7.09% to close at $112.12/barrel.