Oil prices climb to a two-month high as buyers prepare for additional measures by the European Union to cut imports of Russian energy, Reuters reports.

A barrel of European reference crude Brent Monday morning CET costs USD 120.03 against USD 117.61 Friday afternoon. US counterpart West Texas Intermediate concurrently trades at USD 115.99 compared to USD 113.71.

The EU is holding meetings Monday and Tuesday to discuss long-awaited sanctions against Russia.

According to Reuters’ information, the agreement will be modified so it will ban oil and gas deliveries by ship, but the possibility of receiving supply via pipeline will remain in order to accommodate the stated needs of the Czech Republic, Hungary and Slovakia.

The new deal will drastically reduce the volume of oil and gas circulating, and the market has seen it.

”I don’t think it would be a stretch to assume that speculators are positioning for a post-EU summit oil market bounce,” says Stephen Innes, managing partner at SPI Asset Management, to Reuters.

Despite the price surges, the Organization of the Petroleum Exporting Countries and its allies in OPEC+, where Russia plays an important part, maintains their target of only raising supply by 432,000 barrels per day.

Meanwhile, the US dollar has weakened, making oil cheaper in other currencies and raising the dollar price.

Elsewhere in commodities, one troy ounce of gold Monday morning costs USD 1,859.6 against USD 1,855.02 Friday afternoon.