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