Oil prices traded higher on Monday in a volatile session as investors waited for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in Germany.

Brent crude futures ended the day 1.74% higher at $115.09 per barrel, while U.S. West Texas Intermediate crude settled $1.95, or 1.8%, higher at $109.57 per barrel.