Oil price spikes to $139 on talks about Russia oil ban, Iran deal delay

LONDON: 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.
In the first few minutes of trade Brent crude reached $139.13 a barrel and US West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest since July 2008.
By 1204 GMT, prices had eased back, with Brent up 6.3% at $125.55 per and WTI up 6.7% at $123.37.
Global oil prices have spiked more than 60% 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% this year.