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Oil prices jumped on Wednesday as the , the world's largest trading bloc, set outÌýplans to

Brent crude futures rose $2.94, or 2.8 percent, to $107.91 a barrel by 0746 GMT amid thin trading volume, with and Japan closed for holidays. West Texas Intermediate crude futures rose $3.02, or 3 percemt, to $105.43 a barrel.

The recovery package for Ukraine will bring the stability and certainty needed to make the country an attractive destination for foreign direct investment.

And eventually it will pave the way for Ukraine’s future inside the European Union.

— Ursula von der Leyen (@vonderleyen)

on Wednesday proposed a phased oil embargo on Russia over its invasion ofÌýUkraine, as well as sanctioning Russia's top bank, in a bid to deepen Moscow's isolation.Ìý

The Commission's measures include phasing out supplies of Russian crude within six months and refined products by the end-2022, von der Leyen said. She also pledged to minimise the impact on European economies.

Investors are also waiting for an announcement from the on Wednesday. It is expected to intensify efforts to bring down high inflation by raising interest rates and reducing its balance sheet.

The and their allies on Thursday are expected to stick to their policy for another monthly production increase