Oil prices have soared to the highest level since 2008 after the US said it was discussing a potential embargo on Russian supplies with its allies.
Brent Crude – the global oil benchmark – spiked to above $139 a barrel, before easing back to below $130.
Energy markets have been rocked in recent days over supply fears triggered by the Russian invasion of Ukraine.
The price of Brent Crude rose by more than 20% last week as the conflict triggered fears of a shortage of oil on the global markets.
Consumers around the world have seen costs jump in recent days as they feel the impact of rising wholesale energy prices.
On Sunday, the American Automobile Association said that us petrol prices at the pump jumped by 11% over the past week to the highest level since July 2008.
The US secretary of state Antony Blinken said the Biden administration and its allies are discussing an embargo of Russian oil supplies.
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