Oil prices traded higher on Monday in a volatile session as investors waited for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in Germany.

Brent crude futures rose $2.56, or 2.3%, to $115.68 a barrel by 1:56 p.m. ET (1756 GMT), while U.S. West Texas Intermediate crude was up $2.51, or 2.3%, at $110.14 a barrel.

The prospect of even tighter supplies loomed over the market as western governments sought ways to limit Russia’s ability to fund its war in Ukraine, even though G7 leaders were also expected to discuss a revival of the Iran nuclear deal, which might lead to more oil exports from the OPEC member. – Reuters