Considering the world situation after the war, the European Union (EU) has decided to join the US in embargoing Russian oil, which is the consequence of the rise in the price of oil worldwide. 

The brent crude oil prices have risen by 2.98 percent to trade at $111.15 a barrel at 10.50 on Monday. Meanwhile, West Texas intermediate that tracks and measures US crude was trading 3.31 percent higher at $108.17 a barrel. 

However, the strikes backed up by Yemen-Houthi rebels had launched attacks on the energy units, which created the temporary dropout in the Yanbu refinery, which produces 400000 barrels of oil in a day. 

"The price fall of last week appears to have run their course now, being an aggressive and panicked correction to the equally panicked and aggressive reaction to the military operation of Russia over Ukraine," said the senior market analyst of Asia pacific Jeffery Halley. 

After the Houthi attacks, warnings were given by OPEC in the structural shortfall in the production, and the possibilities of the EU embargo on Russian oil for its military offensive in Ukraine were the primary cause of the rise in the price of oils.