Oil costs soar to 2008 high of $130 as ban on Russian crude is considered
The cost of Brent crude oil has surged by 10% to its highest level since 2008 after the United States said a ban on Russian crude imports was being considered as a further sanction following president Putin’s invasion of Ukraine.
The international oil benchmark hit $130 a barrel early on Monday – with its US counterpart also rising by more than $10 to near $127.
The upwards shifts followed comments by US secretary of state Antony Blinken that his country and European allies were discussing a block on oil from Russia – the world’s third-largest producer.
Ukraine invasion: Live updates
Such a move would be aimed at disrupting crucial state income – on top of wide-ranging sanctions already announced to date amid no sign that measures to date have forced Russia to alter course.
