Crude oil futures ended higher on Monday, extending their recent sessions’ rally, lifted by concerns over global oil supplies amid talks the US and its Western allies are likely to impose a ban on Russian oil. Secretary of State Antony Blinken said the US and its allies are considering banning Russian oil and natural gas imports. Uncertainty about a revival of Iran's nuclear deal with world powers also contributed to supply concerns and the resultant surge in oil prices to 14-year highs.
Benchmark crude oil futures for April delivery rose $3.72 or 3.2 percent to settle at $119.40 a barrel on the New York Mercantile Exchange. Brent crude for May delivery climbed $5.1 or 4.3 percent to settle at $123.21 a barrel on London's Intercontinental Exchange.
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