RIYADH: Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market.
Front-month West Texas Intermediate futures were up $2.20, or 1.96 percent, to $114.32 a barrel.
Brent futures were up $3.18, or 2.75 percent, to $118.80 a barrel on the Intercontinental Exchange at 0440 GMT.
Both contracts had settled up more than seven percent on Monday as the potential for more supply disruptions weighed on the market.
EU members split over Russian energy ban
Meanwhile, EU member countries are split over the ban on Russian energy as their dependence on energy imports from Russia varies.
As the EU foreign ministers met at the bloc’s headquarters in Brussels on Monday, the member states failed to reach a consensus over sanctions against energy imports from Russia.
Foreign ministers from countries including Lithuania and Ireland called on to intensify sanctions against the Russian energy sector and have the embargo on Russian oil included…
