Crude oil futures ended sharply higher on Monday as Western nations called for new sanctions against Russia after Ukraine said Russian troops carried out a massacre in the town of Bucha, outside the capital Kyiv, killing hundreds of civilians. Western nations have called for a ban on imports of Russian oil and gas. U.S. President Joe Biden has called for a war crimes trial against Russian President Vladimir Putin and said he would seek more sanctions after reported atrocities in Ukraine. Besides, Saudi Aramco's decision to raise its official selling price for crude also contributed to the sharp increase in oil prices.
Benchmark crude oil futures for May delivery rose $4.01 or 4 percent to settle at $103.28 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $2.20 or 2.1 percent to settle at $106.59 a barrel on London's Intercontinental Exchange.