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

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.