Oil rises more than 1%, Brent nears $109

Oil drilling rigs

Oil prices rose more than 1% today, April 5, amid reports that the United States and European countries were considering additional sanctions against Russia in response to its invasion of Ukraine.

The possibility of imposing new restrictions offset the US move to withdraw from the country's strategic oil reserves in an attempt to cool oil prices and ease the burden on consumers.

The international benchmark Brent crude was trading up 1.22% at $108.84 per barrel, at 10.05 am Makkah time.

West Texas Intermediate (WTI) crude rose 1.26% to $104.58 a barrel. The US benchmark grade settled 4% higher in the previous session, recording the largest gain in two weeks.

Meanwhile, Goldman Sachs in a note April 3 said that the market posted a potential deficit of 1.5 million barrels per day in recent weeks, with inventories seen falling.