Oil prices hit 14-year high on Russia oil ban talks, Iran crude deal delay

BENGALURU (Reuters) -Oil prices jumped on Monday to their highest levels since 2008 as the United States and European allies considered banning Russian oil imports while it looked less likely that Iranian crude would return switftly to global markets.

Brent rose $5.1, or 4.3%, to settle at $123.21 a barrel, and U.S. West Texas Intermediate (WTI) rose $3.72, or 3.2%, to settle at $119.40 a barrel. During the session, both benchmarks hit the highest since July 2008 with Brent hitting $139.13 a barrel and WTI $130.50.

“The bigger picture is that supply disruptions are getting worse,” said Andrew Lipow, president of Lipow Oil Associates in Houston. “Nobody wants to touch anything related to Russia.”