Brent spikes to $139 on prospect of Russia oil ban, delay in Iran deal
Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears.
In the first few minutes of trade Brent crude reached $139.13 and U.S. West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest levels since July 2008.
By 1017 GMT, prices had lost some of those gains, with Brent up $6.60, or 5.6%, at $124.71 per barrel, and WTI up $6.67, or 5.8%, at $122.35.
The United States and European allies are exploring banning imports of Russian oil, U.S. Secretary of State Antony Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban.
