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Crude Oil: Brent crude rose above $112 per barrel on Monday, scaling its highest in over 2 weeks, as a deepening crisis in Ukraine raised the prospect of heavier western sanctions on Russian oil in an already tight global energy market.

Tensions grew over the weekend as Ukrainian soldiers resisted a Russian ultimatum to lay down arms in the pulverized port of Mariupol, providing no signs of ceasefire.

Brent also jumped 8.7% last week on news that the EU might phase in a ban on Russian oil imports.

The IEA has warned that roughly 3 million bpd of Russian oil could be shut in from May onwards due to sanctions, or buyers voluntarily shunning Russian cargoes. Adding to pressure,

Libya reportedly halted operations at its El Feel oilfield and Zuteina oil port on Sunday after protesters took over the sites. Analysts expect sustained bullishness this week with limited additional supply coming from major oil producers to offset a reduced flow from Russia