Oil Back Above $100 as West Mulls More Russia Sanctions, Saudis Hike Selling Price

By Barani KrishnanInvesting.com -- From more Western sanctions planned for Russia to a hike in Saudi selling prices, oil markets found enough motivation to rebound from last week’s worst selloff in two years to put U.S. crude back above $100 per barrel on Monday.Mounting civilian deaths in Ukraine increased pressure on European countries to impose sanctions on Russia's energy sector, prompting new concerns from market participants around tighter supply. Saudi Aramco (SE:2222), meanwhile, raised its official selling prices for crude to be sold to all destinations in May, as Riyadh and its state oil firm continued milking the current oil crisis for what it’s worth.London-traded Brent, the global oil benchmark, settled up $3.14, or 3%, at $107.53 per barrel, after a session high at $108.54. Brent fell 13% last week for its biggest weekly decline since April 2020. Even so, it finished the first quarter up 39%.