Brent rises over 3% amid Russia-Ukraine conflict

Oil drilling rigs

Oil prices climbed on Monday amid signs that Russia and Ukraine failed to make any significant progress during the recent joint talks.

The international benchmark Brent crude was trading up 3.28% at $111.47 per barrel, at 9.05 am Makkah time.

West Texas Intermediate (WTI) crude rose 3.42% to $108.28 a barrel.

US President Joe Biden is scheduled to hold phone conversations with his counterparts in Europe later today, before embarking on a tour of the region later this week.

Investors are also following the developments related to the spread of coronavirus in China and the efforts made there to contain the current outbreak, along with its repercussions on global oil demand.

Last week, China recorded the first death due to COVID-19 since January 2021.