Oil prices jump to 13-year high amid possible Western ban on Russian oil over invasion of Ukraine
The Independent says Oil prices soared on Sunday to their highest point since mid-2008, as the global market continued to suffer the consequences of Russia’s assault on Ukraine.
The cost of Brent crude – considered the international benchmark – rose more than 9 per cent to a little more than $129 (£98) in the first few minutes of trade on Sunday, according to various reports. Meanwhile, West Texas Intermediate (WTI) crude rose 9.4 per cent to $126.51.
Both hit their highest values back in July 2008 when Brent shot up to $147.50 a barrel and WTI, $147.27.
The figures came after Antony Blinken, the US secretary of state, said the Biden administration and its European allies were exploring the option of banning Russian oil as a way to further sanction Vladimir Putin over his decision to invade Ukraine.
https://www.independent.co.uk/news/business/oil-prices-ukraine-russia-gas-b2029863.html
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