Brent gains over $6 to $117; WTI crosses $114

Oil drilling rigs

Oil prices edged up Thursday, with Brent crude recovering from the 13% slump in the previous session, as Russia-Ukraine conflict continues to stoke concerns in the market.

The international benchmark was trading up 5.67%, or $6.30, at $117.44 per barrel, at 1.20 pm Makkah time.

West Texas Intermediate (WTI) crude rose 4.96% to $114.09 a barrel.

The US House of Representatives approved President Joe Biden's decision to ban imports of Russian oil, amid calls by representatives of both parties to apply greater sanctions against Moscow over its invasion of Ukraine.

The issued decision is scheduled to come into force 45 days after the signing of the law.

Oil prices have jumped since the start of the Russia’s invasion of Ukraine amid supply concerns. However, OPEC confirmed this week that there is no shortage of crude supplies.