The price increase is associated with expectations of insufficient oil supply on the market and the likelihood of tougher sanctions against Russia.

Brent crude futures rose $1.09 or 1% to reach $112.79 per barrel at 04:45 GMT. The previous high of $113.80 was registered on March 30.

U.S. West Texas Intermediate crude futures rose by $1 or 0.9% and reached $107.95 per barrel (the maximum from March 30 was $108.55).

On the eve of the Easter weekend, contracts rose on the news that the European Union may introduce a phased ban on the import of Russian oil.

Last week, the EU said that the executive body of the Union is developing proposals to ban the import of Russian oil, although Germany does not support an immediate embargo.

The International Energy Agency has warned that approximately 3 million barrels of Russian oil per day may become unavailable from May due to sanctions or due to voluntary decisions of buyers.

Oil production in Russia continued to decline in April, declining by 7.5% in the first half of the month compared to March.

“The ongoing war between Russia and Ukraine with no signs of a cease-fire has increased supply concerns, especially given that demand is expected to increase as the northern hemisphere summer season approaches,” says Chioki Chen, chief analyst at Sunward Trading.

“The sharp rise in heating oil prices in the U.S. has also caused explosive growth, due to increased expectations that the U.S. oil market will become tougher due to growing exports to Europe,” said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.

The OPEC report last week showed that OPEC production in March increased by only 57 thousand barrels per day to 28.56 million barrels, despite the fact that the volume of growth allowed under the OPEC+ agreement is up to 253 thousand barrels per day.