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Oil rallied above $100 a barrel after the European Union said it was working on new Russian sanctions, while Saudi Arabia hiked its prices for all its buyers.

Oil gained as energy traders grew more confident about the commodity's immediate outlook.

Oil, bolstered by a broad-based market rally, rose for a second day as US crude and gasoline stockpiles showed signs of continuing decline ahead of the summer driving season.

Oil climbed as financial markets recovered from last week's rout, with traders confident that tight supplies will sustain higher prices even if the global economy contracts.

Oil rose after Iran called for an embargo against Israel by Muslim countries, following a deadly explosion at a Gaza hospital that raised the risk of wider hostilities in the Middle East.

Oil markets were little changed with traders avoiding decisive action as US lawmakers prepped for final negotiations on the debt ceiling.

Oil made minimal gains as traders continue to weigh a weaker demand outlook against tightened crude supplies and a looming diesel shortage heading into winter.

Oil trading was sluggish, pushing the 30-day volatility level to the lowest in a year, with traders stuck between higher energy demand in China and signs of an oversupplied market in the US.

Brent volatility has risen to a five-month high, according to analysts at Standard Chartered.

OPEC+ is expected to prolong oil output cuts into the second half of the year.