Oil prices have jumped more than 10% and are nearing record highs as US and Europe consider ban on Russian crude.Oil prices have jumped more than 10% and are nearing record highs as US and Europe consider ban on Russian crude.Last modified on Mon 7 Mar 2022 01.05 GMT
Oil prices have soared more than 10% and are closing in on their all-time high levels after the risk of a US and European ban on Russian crude threatened a stagflationary shock for world markets. The global benchmark of Brent crude hit US$139.13 a barrel at the start of trading on Monday, a leap of more than $20 on Friday’s close of $118.03.
The all-time of $147.50 was reached in July 2008 but some analysts think that mark could be surpassed because of the geopolitical impact of the Ukraine crisis. Although the price slipped back to $130, consumers still face higher household energy and petrol costs, while inflation will rise across the board if businesses are forced to pass on higher fuel expenses.