Oil costs soar beyond 2008 high of $130 as Russian crude boycott considered

Business

The cost of Brent crude oil has surged by 10% to its highest level since 2008 after the United States said a ban on Russian crude imports was being considered as a further sanction following president Putin’s invasion of Ukraine.

The international oil benchmark hit $130 a barrel early on Monday – with its US counterpart also rising by more than $10 to near $127.

The upwards shifts followed comments by US secretary of state Antony Blinken that his country and European allies were discussing a block on oil from Russia – the world’s third-largest producer.

Ukraine invasion: Live updates

Such a move would be aimed at disrupting crucial state income – on top of wide-ranging sanctions already announced to date amid no sign that measures to date have forced Russia to alter course.

Articles You May Like

‘Hold on a second’: CNN anchor presses GOP lawmaker on comparing Trump to Clinton
Extreme heat brings destruction to France
Coronavirus UK: Scotland’s COVID-19 lockdown to be eased next week
‘He’s in a corner’: Expert breaks down Putin’s nuclear threats
Senator responds to Lindsey Graham’s threat about bill