US crude soared 7% to settle at $112.12 a barrel. Brent crude, the world benchmark, also rallied 7% to $115.62 a barrel.
The rally will cast further doubt on how much gasoline prices will retreat from their recent spike to record highs.The gains come as Europe debates whether to join a US-led embargo on Russian oil. European Union leaders were expected to discuss this critical issue at meetings beginning on Monday.The problem is that those Russian barrels won't be easily replaced. Russia was the world's No.
The Saudi Ministry of Foreign Affairs said the kingdom disclaims its responsibility for any possible shortage in oil supplies in light of the attacks.The oil market has been rocked by significant turbulence in recent weeks.After spiking to a nearly 14-year of $130.50 a barrel earlier in March, US oil plunged to as low as $93.53 a barrel on March 15. Since then, crude is up about 20%.
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