Oil prices rose today as the G7 promised more sanctions on Russia. The US is placing additional sanctions on Russian gold exports, and the group vowed to stand with Ukraine “for as long as it takes”. “I think if they were to implement a price cap on the sale and purchase of Russian oil, it’s difficult for me to imagine how this is going to be implemented, especially when China and India have become Russia’s biggest customers,” said Houston-based oil consultant Andrew Lipow. Recession fears and expectations of more interest rate hikes have caused volatility and risk aversion in the futures markets, with some energy investors and traders paring back, while spot crude prices have remained strong on high demand and a supply crunch. Traders are still waiting for last week’s EIA data which has yet to be released. WTI traded up $1.95 or 1.81% to close at $109.57. Brent traded up $2.40 or 2.12% to close at $115.52.