Shafaq News / Oil prices jumped over 3% on Monday, with investors worried about tighter supply as mounting civilian deaths in Ukraine increased pressure on European countries to impose sanctions on Russia's energy sector.

Global benchmark Brent crude jumped$3.14, or 3%, to settle at $107.53 a barrel. U.S. West Texas Intermediate crude rose $4.01, or 4%, to settle at $103.28 a barrel. Trading was volatile with both contracts rising after being down more than $1.

German Chancellor Olaf Scholz said Russian President Vladimir Putin and his supporters would "feel the consequences" of events in Bucha, outside the capital Kyiv, where a mass grave and tied bodies shot at close range were found.

Western allies would agree on further sanctions against Moscow in coming days, he said, though the timing and reach of the new package was not clear.

Crude dropped by about 13% last week after President Joe Biden announced a record U.S. oil reserves release and as International Energy Agency members committed to further tapping reserves. Brent crude hit $139 last month, its highest since 2008.

Saudi Arabia's state oil producer Aramco raised its May official selling price to Asia for its flagship Arab Light crude, according to pricing document seen by Reuters.

Oil gained support from a pause in talks in Vienna to revive the Iran nuclear deal, which would allow a lifting of sanctions on Iranian oil. Iran blamed the United States for the halt.

(Reuters)