Global oil price soars 6% as EU mulls widening sanctions on Russia

The prices of wheat and corn futures also jumped in the US, with traders saying that exports from the Black Sea region will continue to be disrupted this week due to the fighting in Ukraine.

EU governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with US President Joe Biden for a series of summits designed to harden the West's response to Moscow. File photo

Crude oil prices soared more than 6%, with the global benchmark Brent crude climbing above $115 a barrel, as the EU considered joining the US in a Russian oil embargo. 

EU governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with US President Joe Biden for a series of summits designed to harden the West's response to Moscow.