(Bloomberg). Oil rose for the fourth day and is on track for its best month in a while. There are signs that the European Union might be moving closer towards a ban of Russian crude imports, to punish Moscow’s invasion.

West Texas Intermediate rose 18% during the last three days to reach $114/barrel in Asian trading. Josep Borrell, the EU’s foreign policy chief, said he expects leaders to discuss, but probably not yet approve, further sanctions against Russia when they meet in Brussels later this week.

As crude oil has skyrocketed after the invasion, buyers of Russian products shunned Russian goods and the U.S. & U.K. began to prohibit Russian imports. Russia is Russia’s largest crude oil and fuel consumer, so any ban on Russia would have an adverse effect on the markets and impact the EU the most.

There’s a lack of unanimity among EU members on targeting Russian oil. Germany, which is dependent on oil imports from Moscow, has rejected an embargo. Hungary also opposes it. All 27 countries would have to agree on any decision. Europe’s leaders are set meet on Thursday.

Energy markets “remain on edge as the restrictions on Russia exports continue to build,” Australia & New Zealand Banking Group (OTC:) Ltd. analyts Daniel Hynes and Soni Kumari said in a note. That’s reflected in forward curves remaining steeply backwardated, they said, referring to a bullish pattern in which prompt prices trade above those further out.

Brent’s so-called prompt spread — the differential between its two nearest contracts — expanded to $3.70 a barrel in backwardation on Monday. That’s up from $2.86 a barrel on Friday, and 41 cents at the start of the year.

Vitol Group, the world’s biggest independent oil trader, warned that it expects energy prices to remain elevated as it reported a jump in revenues. “The physical energy markets were already tight as we entered the current crisis,” Chief Executive Officer Russell Hardy said.

Oil’s rise is causing already high inflation across the globe, making it more difficult for Federal Reserve monetary policymakers to manage. Jerome Powell, Chair of the U.S. Central Bank stated Monday that they are prepared to increase interest rates by half a percentage point at their next meeting if necessary.

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