U.S. crude oil briefly tops $130 a barrel, a 13-year high on possible Western ban of Russian oil

U.S. crude oil surged more than 7% in Sunday evening trade as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.

West Texas Intermediate crude futures, the U.S. oil benchmark, traded 7.34% higher to $124.17 per barrel. At one point the price rose to $130.50 Sunday evening, its highest since July 2008, before retreating.

The international benchmark, Brent crude, spiked 8.54% higher to $128.20. Brent hit a high of $139.13 at one point overnight, also its highest since July 2008.

“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital.

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