Brent crude settled at $113 a barrel, during trading on Monday, as investors awaited any decision regarding sanctions against Russian oil and gas exports during the G7 meeting in Geneva. Germany, which begins today and continues into tomorrow.

Group leaders are expected to discuss ways to tackle rising energy prices, and measures may include setting a possible price cap on Russian crude and oil products exports, which could limit revenue Russia and at the same time reduces the damage to other economies, as it is expected to discuss the revival of the Iran nuclear deal, which could increase Iran's oil exports.

This comes as oil production in Ecuador - a former member of OPEC - is facing pressure due to worsening unrest and protests inside the country, prompting the government to announce that oil production is likely to be halted. Exactly within 48 hours if sabotage, seizing wells and road closures continue, affecting supplies.

Brent crude futures for August delivery settled at $113.09 a barrel, while US crude futures fell 0.16%, or 17 cents, to $107.45 a barrel.