The rise in oil prices comes as observers expect that the European Union will reach a final agreement to ban Russian oil imports.
By 16:16 GMT, Brent crude futures for July rose $1.35, or 1.1 percent, to $120.78 a barrel.
The Brent contract for August also rose $1.27, or 1.1 percent, to $116.81 a barrel.
US West Texas Intermediate crude futures jumped $1.11, or 1 percent, to $116.18 a barrel, continuing the strong gains made last week.
The European Union meets on Monday and Tuesday to discuss a sixth package of sanctions against Russia over its military operation in Ukraine. So far, the EU countries have failed to agree to ban the import of Russian oil.
“Europe has been negotiating this for more than a month, but the market is cautious about the decision,” said Daniel Ghaly, senior commodity analyst at TD Securities in Toronto.
“It is still very difficult for the European group to reduce its energy dependence on Russia, in the near term,” said Leona Liu, an analyst at DailyFX in Singapore.
Reports revealed that the leaders of 27 European countries will agree “in principle to the oil embargo, and will leave the practical details and difficult decisions for later.”
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