Oil closed higher on Thursday, with Brent barrel rising above the $110 mark, after reports that the European Union is preparing an embargo on Russian crude exports.

The barrel of Brent from the North Sea for delivery in June gained 2.68% to $111.70. The barrel of U.S. West Texas Intermediate (WTI) for delivery in May advanced 2.58% to $106.95. At the beginning of the morning, prices were down slightly following the publication of US stocks the day before, whose level was above expectations.

Commercial crude oil reserves in the U.S. jumped by 9.4 million barrels in the week ended April 8, according to figures released by the U.S. Energy Information Agency (EIA) on Wednesday. However, crude oil inventories remain 13% below the five-year average.