Oil prices skyrocket as US threatens ban on Russian crude

Oil prices soared above $130 a barrel in early trading on Monday, their highest since 2008, after the US said it is considering banning the import of Russian crude and is discussing such a move with its European allies, in a bid to freeze the world’s second largest energy exporter out of global markets and isolate Moscow economically for its invasion in Ukraine.

Persecondnews.com gathered that Brent, the global benchmark for two thirds of the world’s oil, hit $139.13 a barrel and West Texas Intermediate (WTI), the gauge that tracks US crude, jumped to $130.50 in early trading.

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Both key benchmarks receded by 6.09am Nigerian time, but remained high, with Brent up 10.43 per cent at $130.4 per barrel and WTI 9.19 per cent higher at $126.3.

Brent hit a record high of $147.02 on July 11, 2008 amid the global financial crisis, while WTI soared to $146.90.

Oil prices could hit $180 a barrel and cause a global recession, according to Japan’s largest lender MUFG Bank.