Brent crude nears $140/barrel, close to all-time high
Brent oil prices soared to a near 14-year high of $140 on Sunday as traders fretted over the fallout from Russia’s invasion of Ukraine.
Brent North Sea crude oil for May delivery reached $139.13 shortly after electronic trading opened around 2300 GMT, heading towards a 2008 record high before retreating slightly over the next hour.
The European benchmark crude hit its record price of $147.50 per barrel in July 2008.
By 0030 GMT, Brent crude had dropped a little more to $128.77 per barrel — 9.02 per cent higher than its closing price on Friday.
The price per barrel of Brent oil has increased 33 per cent since Russia invaded Ukraine on February 24.
