The price of Brent oil soared to almost $140 a barrel, its highest price since 2008, in early trading on Monday, after reports that western countries were discussing a possible embargo on crude supplies from Russia, the world’s second-biggest exporter.
The price spike came after US secretary of state Antony Blinken said on Sunday that Washington was in “very active discussions” with European allies about a ban on Russian oil exports.
The move would signify a new escalation in the west’s efforts to punish Russia — whose economy remains heavily dependent on oil and gas exports — for its invasion of Ukraine. It also marks a reversal for the White House, which has repeatedly said new sanctions would not target Russian oil and gas flows.
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