Oil prices rise on supply concerns as the Ukraine crisis deepens

Oil prices rose to their highest level in nearly three weeks on Monday, as fears of a global supply tightness intensified as the crisis in Ukraine deepened, raising the prospect of tougher Western sanctions against Russia, the world’s largest crude exporter.

Brent crude futures rose 1.09, or 1.0 percent, to $112.79 a barrel, after hitting its highest level since March 30 at $113.80 a barrel earlier in the session.

US West Texas Intermediate crude futures rose a dollar, or 0.9 percent, to $ 107.95 a barrel.

Both crudes rose before the Easter holiday more than 2.5 percent on Thursday on news that the European Union may impose a ban on Russian oil imports.

EU governments said last week that the bloc’s executive was working on proposals to ban Russian crude, but diplomats said Germany was not actively supporting an immediate ban.