Oil hits 13-year high on possible Western ban of Russian oil

Oil prices have soared to the highest level since July 2008 after the US said it was discussing a potential ban on Russian supplies with other countries. Brent crude rose to above $139 a barrel, before easing to around $130.

The comments came as pressure grows on the White House and other Western nations to take tougher action against Moscow over its invasion of Ukraine. A Russian oil embargo would be a major escalation in the response to the invasion of Ukraine and would potentially have a major impact on the global economy.

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. Energy markets have been rocked in recent days over supply fears triggered by the Russian invasion of Ukraine. Consumers are already feeling the impact of higher energy costs as fuel prices and household bills jump.



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