Crude oil prices are rising ahead of a European Union conference on Russia sanctions

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Oil prices soared to two-month highs on Monday as traders awaited word from the European Union on whether it would agree to ban Russian oil ahead of a meeting on the sixth package of sanctions on Russia for its invasion of Ukraine.

Brent crude prices rose 46 cents, or 0.4 percent, to $119.89 a barrel at 0111 GMT, while WTI crude futures in the United States rose 60 cents, or 0.5 percent, to $115.67 a barrel, extending strong gains from last week.

The EU is scheduled to meet on Monday and Tuesday to debate the sixth round of sanctions against Russia for its invasion of Ukraine, which Moscow describes as a "special operation" to disarm its neighbour.

"I don`t think it would be a stretch to assume that speculators are positioning for a post-EU summit oil market bounce," said SPI Asset Management managing partner Stephen Innes.

Any additional ban on Russian oil would tighten an already tight crude market as demand for gasoline, diesel, and jet fuel rises ahead of the peak summer consumption season in the United States and Europe.

Officials indicated that while EU governments failed to agree on an embargo on Russian oil on Sunday, they will continue discussions on a compromise to block seaborne exports of Russian oil while permitting pipeline deliveries ahead of the meeting on Monday afternoon.

If an agreement is reached, Hungary, Slovakia, and Czechia will be able to continue receiving Russian oil through the Druzhba pipeline for some time until alternative supplies can be negotiated.

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