Oil spikes to 2008 highs as U.S., Europe mull Russian oil import ban | Reuters
Brent crude soared near $130 a barrel on Monday, its highest since 2008, as the United States and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears.
Brent crude futures jumped $10.88, or 9.2%, to $128.99 a barrel by 0723 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $9.80, or 8.5%, to $125.48.
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50.
Monday's intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27.
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