Bid to block Russia oil spurs spike: Crude hits $139 a barrel

Oil prices spiked to their highest levels since 2008 on Monday amid market supply fears as the United States and European allies considered banning Russian oil imports and prospects for a swift return of Iranian crude to global markets receded.

Brent crude reached $139.13 a barrel and US West Texas Intermediate (WTI) hit $130.50 in early trade, both benchmarks striking their highest since April 2008 before paring the gains.

By 1437 GMT, Brent was up $3.54, or 3 per cent, at $121.65 per barrel and WTI up $1.93, or 1.7 per cent, at $117.61.

Global oil prices have spiked more than 60 per cent since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. China, the world’s No. 2 economy, is already targeting slower growth of 5.5 per cent this year.