NEW YORK – Oil prices witnessed a sharp increase in anxious trading onMonday as they reached to highest since 2008 as US and Europe areconsidering ban on Russian products following its military operation inUkraine.
Furthermore, the delay in talks for supply of Iranian oil in theinternational market also triggered frenetic trading in the internationalmarket.
Brent crude – the global oil benchmark – crossed $139 per barrel level,before settling at around $130, witnessing an increase of $9.95. It is thehighest per barrel price since 2008 when Brent soared to $147.50.
On Sunday, US Secretary of State Antony Blinken said the US and its allycountries were discussing a ban on Russian oil supplies with othercountries.
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Later, US House of Representatives Speaker Nancy Pelosi said that alegislation was being explored to impose a ban on import of oil from Russia.
