Oil price soars to highest level since 2008

Oil prices have soared to the highest level since 2008 after the US said it was discussing a potential embargo on Russian supplies with its allies, the BBC reports.

Brent crude – the global oil benchmark – spiked to above $139 a barrel, before easing back to below $130.

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.

Stock markets in Asia fell on Monday, with Japan’s Nikkei 2.7% lower and the Hang Seng in Hong Kong down by 3%.

On Sunday, the US Secretary of State Antony Blinken said the Biden administration and its allies are discussing an embargo of Russian oil supplies

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