Russia-Ukraine war: Oil prices rise on supply concerns as crisis deepens

Oil prices rose on Monday as concerns grew about tighter global supply, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia.

Brent futures were up $1.50, or 1.3%, at $113.20 a barrel at 0030 GMT, and U.S. West Texas Intermediate futures rose 98 cents, or 0.9%, to $107.93 a barrel.

Ahead of Easter weekend holidays, both contracts gained more than 2.5% on Thursday on news that the European Union might phase in a ban on Russian oil imports.

EU governments said last week the bloc's executive was drafting proposals to ban Russian crude, but diplomats said Germany was not actively supporting an immediate embargo.