Crude prices grew on Monday as markets reacted to new sanctions imposed on Russian oil companies PJSC Gazprom Neft and Surgutneftegas by the United States and the United Kingdom. The White House said it expects the measure to cost Moscow "billions of dollars per month."

West Texas Intermediate (WTI) for February's deliveries improved by 1.35% at 7:03 am ET and went for $77.68 per barrel. At the same time, Brent for settlements in March added 1.25%, selling for $80.85 per barrel.