Crude oil prices surged nearly 10% on Sunday evening to top $130 a barrel on fears of a supply crunch.
Oil’s relentless price rise comes on the back of fears about a supply crunch after American Secretary of State Antony Blinken told NBC’s “Meet the Press” on Sunday that the US was in discussion with European allies about a ban of Russian oil.
International benchmark Brent crude oil futures were up 8.38% at $128.01 a barrel at 9:34 p.m. EST, while US benchmark West Texas Intermediate (WTI) oil futures were up 7.23% at $124.04 a barrel.
At one point overnight, Brent crude touched $139.13 a barrel before paring losses. Both Brent and WTI crude oil futures are up about 65% this year to date.
Russia is the world’s third-largest oil producer, according to the International Energy AgencySource: www.businessinsider.co.za
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