Spot prices for Brent and West Texas Intermediate (WTI) crude oil shot higher on expectations of a rebound in energy demand in China and a belief that the European Union is on the verge of agreeing to sanctions on Russian oil.

Brent crude futures for July delivery rose $2.69 to settle at $114.24 a barrel, a 2.4% gain, while US West Texas Intermediate (WTI) crude rose $3.71, or 3.4%, to $114.20 a barrel.

The increases came after Chinese officials said Shanghai, a city of 25 million people, will reopen after a multi-month lockdown on 1 June.