Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay | Reuters

Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay | 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.

By 12:45 p.m. EST (1745 GMT), Brent had gained $4.86, or 4.1%, to $122.97 a barrel, and U.S. West Texas Intermediate (WTI) rose $2.85, or 2.5%, to $118.53 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 original spikes were on embargo worries, but then a lot of countries came out and said they won't do it," said Bob Yawger, director of energy futures at Mizuho. "Western European countries are not in a position to embargo, and that's why markets are lower now as people are starting to realize it."

Global oil prices have spiked about 60% since the start of 2022, raising concerns about global economic growth and stagflation. China, the world's No. 2 economy, is targeting slower growth of 5.5% this year. read more