The jump suggests traders expect a deal to be reached this week on oil imports.
Oil prices hit their highest level in more than two months on Monday morning as EU officials gathered in Brussels to debate the best way to ban Russian oil imports.
The move faces some opposition from the likes of Hungary, leaving energy markets waiting to see if a deal could be reached. Nevertheless, international oil benchmark Brent crude hit highs of $120 in early trading, with its US counterpart also rising to $115.85 a barrel, suggesting many in the industry see an embargo on Russia oil for its invasion of Ukraine in February as highly likely.
Brent crude passed $139 a barrel in early March following the invasion before settling back to around $124 by the evening, a huge rise from its price at the beginning of the year.
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