WTI crude Oil futures jumped to their highest levels since 2008 early on Monday,
Amid the risk of Western ban on Russian oil imports, exacerbated by delays in the Iran nuclear talks and the potential return of Iranian crude exports.
The US oil benchmark soared nearly 13% to hit $130 per barrel before paring some gains to trade around $126, on track for its biggest daily percentage gain since May 2020.
US secretary of state Antony Blinken said Sunday the US and its allies are considering banning Russian oil and natural gas imports, in an effort to ramp up sanctions against Russia for its invasion of Ukraine.
Meanwhile, talks to revive the Iran nuclear deal were mired in uncertainty on Sunday following Russia’s demand for written US guarantees that sanctions on Russia would not hurt its trade with Iran, seen by analysts
As a way for Moscow to bypass Western sanctions. China also reportedly made similar demands regarding its trade with Iran, complicating efforts to seal a nuclear deal