Oil Prices Jump Again as EU Considers Russian Oil Ban

A view of the Phillips 66 Company's Los Angeles Refinery (foreground), at sunset in Carson, California, on March 11, 2022. The picture was taken with a drone. Bing Guan/Reuters

LONDON—Oil prices jumped more than $3 on Monday, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.

Brent crude futures were up $3.40, or 3.2 percent, at $111.33 a barrel by 0958 GMT, adding to a 1.2 percent rise last Friday.