Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while Western governments agreed to explore ways to cap the price of Russian oil.

Brent crude futures climbed by $1.19, or 1%, to $116.28 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 96 cents, or 0.9%, to $110.53. Both contracts ended the previous session nearly 2% higher.

Leaders of the G7 group of wealthy nations said they will explore a potential ban on transporting Russian oil that has been sold above a certain price as they seek to step up pressure on Moscow over its invasion of Ukraine.