Crude oil futures moved higher on Monday, rebounding from recent losses, as Western nations called for new sanctions against Russia after Ukraine said Russian troops carried out a "massacre" in the town of Bucha, 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 war crimes trial against Russian President Vladimir Putin and said he would seek more sanctions after reported atrocities in Ukraine.
Saudi Aramco's decision to raise its official selling price for crude in May contributed as well to the sharp uptick in oil prices.
West Texas Intermediate Crude oil futures for May ended higher by $4.01 or about 4% at $103.28 a barrel.
Brent crude futures moved up $2.20 or about 2.1% to $106.59 a barrel.
Both WTI Crude futures and Brent Crude futures shed about 13% last week, weighed down by the U.S. decision to release oil from its Strategic Petroleum Reserve (SPR), and concerns about outlook for energy demand due to the imposition of lockdown measures in Shanghai.
U.S. President Joe Biden announced last week that up to 1 million barrels per day will be released from U.S.' Strategic Petroleum Reserve for six months beginning May.
