Oil prices rose 4% on Monday, with investors increasing fears of shrinking supplies, especially with the increase in the fighting between Russia and Ukraine.
The Russian-Ukrainian war has increased pressure on European countries to impose sanctions on Russia's energy sector, threatening a shortage of crude.
The global benchmark Brent crude ended yesterday's trading at $107.53, an increase of 3.01%, and the US West Texas Intermediate crude rose by 4.04% to reach $103.28 a barrel.
Crude oil fell by about 13% last week, after US President Joe Biden announced a record release of US oil reserves.
