Russia-Ukraine war: Oil prices jump to highest point since mid-2008

Oil prices jumped on Sunday to their highest point since mid-2008, as the global market continued to suffer the consequences of Russia-Ukraine war.

The cost of Brent crude – considered the international benchmark – rose more than 9 per cent to a little more than $129 (£98) in the first few minutes of trade on Sunday, according to various reports. Meanwhile, West Texas Intermediate (WTI) crude rose 9.4 per cent to $126.51.

Both hit their highest values back in July 2008 when Brent shot up to $147.50 a barrel and WTI, $147.27.

The figures came after Antony Blinken, the US secretary of state, said the Biden administration and its European allies were exploring the option of banning Russian oil as a way to further sanction Vladimir Putin over his decision to invade Ukraine.

Meanwhile, the UK may move this week to ratchet up sanctions on Russia’s oil and gas industries – as reported by The Independent this week – as part of efforts to isolate Putin’s regime globally, Independent reports.