NEW YORK (AFP) – The U.S. On Sunday, Brent oil prices jumped to a near 14-year high of $140 as traders worried about the consequences from Russia’s invasion of Ukraine.
Brent North Sea crude oil for May delivery reached $139.13 immediately after electronic trading began around 2300 GMT, approaching a record high set in 2008 before falling slightly over the next hour.
In July 2008, the European benchmark crude reached a new high of $147.50 a barrel.
Brent crude has declined a bit further to $128.77 per barrel at 0030 GMT, 9.02 percent more than its Friday closing price.
Since Russia invaded Ukraine on February 24, the price of a barrel of Brent oil has risen by 33%.
WTI oil was trading at $125.15 a barrel at 0030 GMT, up 8.18 percent from the previous day’s close.
US Secretary of State Antony Blinken said on Sunday that Washington was in “active conversations” with European states about prohibiting Russian oil imports as an additional economic sanction against Moscow, but he stopped short of calling for an outright boycott.
Even though oil is officially free from sanctions, Russian oil producers are having difficulty finding consumers. Shell is one of the few firms that continues to buy Russian oil, however it has stated that any proceeds will be donated to Ukrainian charities.