Oil prices have closed more than 3%

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Oil prices soared on Monday as Western allies imposed additional sanctions on Russia and cut off some Russian banks from the global tariff system, severely affecting its oil exports.

After hitting a high of $ 105.07 in early trade, global benchmark Brent crude rose $ 3.06, or 3.1 percent, to close at $ 100.99 a barrel.

Brent contracts for April delivery expired yesterday. May delivery of the most active contract rose $ 3.14 to $ 97.26 a barrel.

And US benchmark West Texas Intermediate crude trades rose $ 4.13, or 4.5 percent, to $ 95.72 a barrel after opening at $ 99.10.

Jim Ritterbush, president of Ritterbusch & Associates in Galena, Illinois, said:

Russia is facing severe disruptions in exports of all commodities, from oil to grain, after Western countries imposed severe sanctions on Moscow and cut off some Russian banks from the SWIFT international tariff system.

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