U.S. crude briefly tops $130 a barrel, 13-year high on possible ban of Russian oil

U.S. crude briefly tops $130 a barrel, 13-year high on possible ban of Russian oil

U.S. crude briefly tops $130 a barrel, 13-year high on possible ban of Russian oil

Written by Staff Writer

07 Mar, 2022 | 1:17 pm

Oil prices continued to surge on Monday (7) morning trade as the market reacted to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.

West Texas Intermediate crude futures, the U.S. oil benchmark, spiked nearly 9% higher to $126.05 per barrel. At one point the price rose to $130.50 Sunday evening, its highest since July 2008, before retreating.

The international benchmark, Brent crude, soared 9.9% higher to $129.75. Brent hit a high of $139.13 at one point overnight, also its highest since July 2008.

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