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Oil selling prices rose on Monday, hitting their maximum in far more than two months, as traders waited to see no matter if the European Union would access an settlement on banning Russian oil imports.

The Brent crude futures deal for July, which will expire on Tuesday, was up 47 cents, or .4%, at $119.90 a barrel at 0659 GMT, immediately after increasing as high as $120.50 earlier in the session.

The August Brent deal, which is extra active, rose 61 cents, or .5%, to $116.17 a barrel.

U.S. West Texas Intermediate (WTI) crude futures jumped 72 cents, or .6%, to $115.79 a barrel, extending stable gains built previous week.

The EU is because of to satisfy on Monday and Tuesday to explore a sixth deal of sanctions in opposition to Russia for its invasion of Ukraine, steps Moscow phone calls a “distinctive armed service operation.”

“If we look at the new price tag motion, it looks that market place has factored in that the European Union could attain a deal on some sort of restrictions on Russian crude,” said Madhavi Mehta, commodity research analyst at Kotak Securities.

“We may well see further more upside only if it is a complete ban. Any watered-down offer or a person which involves exemptions may not have much constructive effect,” she extra.

EU governments unsuccessful to concur on an embargo on Russian oil on Sunday but will proceed talks on a deal to ban seaborne deliveries of Russian oil even though permitting deliveries by pipeline, in advance of the summit on Monday afternoon, officials reported.

“It truly is nevertheless quite hard for the European team to decrease its energy dependency on Russia in the close to expression. That stated, an quick import ban is significantly less attainable, and the requires may well hold oil prices afloat in the in close proximity to term,” said Leona Liu, analyst at Singapore-centered DailyFX.

Any even more ban on Russian oil would tighten a crude sector currently strained for offer amid soaring desire for gasoline, diesel and jet fuel in advance of the peak summer time need year in the United States and Europe.

Sky-higher refining margins for diesel and gasoline in Europe and the United States have despatched price ranges for some types of actual physical crude oil to record highs, according to traders.

Underscoring market tightness, the Corporation of the Petroleum Exporting Nations and allies which includes Russia, alongside one another referred to as OPEC+, are established to rebuff Western calls to pace up improves in their additions to oil output when they satisfy on Thursday. They will stick to current programs to add 432,000 barrels for each working day in July, six OPEC+ resources explained to Reuters.

The oil marketplace was also on edge immediately after Iran on Friday stated its navy experienced seized two Greek oil tankers in retaliation for the confiscation of Iranian oil by the United States from a tanker held off the Greek coast.

Crude prices are also finding assistance from a weaker U.S. greenback, and China’s easing of virus similar limits, explained Sunil Katke, head of commodities retail organization at Kotak Securities.

A weaker dollar will make oil less highly-priced for importers holding other currencies.

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