The price of crude oil has risen to a two-month high to $120.4 per barrel as the European Union will meet to impose a possible ban on Russian oil.
The EU will meet on Monday and Tuesday to deliberate a sixth sanction on Russia over invasion of Ukraine.
Brent Crude rose 0.85 per cent to $120.44 as of 9:33am Lagos time, while the West Texas Intermediate traded $116.12 per barrel.
Experts believe that any ban on Russian oil would tighten the crude oil market.
On Sunday, the EU ambassadors failed to agree on a proposal that would ban Russian oil delivered to EU countries by sea by the end of 2022.
Discussion in the two-day summit includes cutting Russia’s biggest bank, Sberbank, off from the SWIFT messaging system, banning Russian broadcasters from the EU as well as freezing more assets belonging to Russians.
The EU is afraid that banning Russian oil would reflect higher prices that member states that rely on shipped Brent crude would have to contend with.
“After Russia’s attack on Ukraine, we saw what can happen when Europe stands united.
“With a view to the summit tomorrow, let’s hope it continues like this. But it is already starting to crumble and crumble again, ” German Economy Minister Robert Habeck said on Sunday.