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.

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."

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

On Sunday, U.S. Secretary of State Antony Blinken said the United States and European allies were exploring banning imports of Russian oil. The White House on Monday said President Joe Biden has not made a decision on a ban on Russian oil imports. read more