Oil prices increased on Monday ahead of an EU meeting to discuss further sanctions on Russia, including a ban on its crude oil.
International benchmark Brent crude was trading at $116.21 per barrel at 0652GMT for a 0.56% increase after closing the previous session at $115.56 a barrel.
American benchmark West Texas Intermediate (WTI) was at $115.84 per barrel at the same time for a 0.67% gain after the previous session closed at $115.07 a barrel.
The EU will hold meetings for two days, starting on Monday, to discuss a sixth package of sanctions against Russia which include an embargo on Russian crude oil exports.
If the sixth package is accepted, crude oil supply from Russia will be phased out in six months and the supply of refined products until the end of the year.
Additionally, depreciation in US dollar against other currencies also makes oil more suitable for buyers using other currencies causing prices to rise.
Meanwhile, news that Iran seized approximately 1.8 million barrels of oil from two oil tankers belonging to Greece in the Persian Gulf on Friday also supports the spike in prices.
Source: Anadolu Agency