Oil spikes to 2008 highs as U.S., Europe mull Russian oil import ban
On Monday, Brent crude rose close to $130 per barrel, its highest level since 2008, as the United States and its European allies consider a ban on Russian oil imports and potential delays in the return of Iranian crude to the global market, leading to concerns about a shortage of supply. Brent crude futures increased by $10.88, or 9.2%, to $128.99 a barrel by 0723 GMT, while U.S. West Texas Intermediate (WTI) crude rose by $9.80, or 8.5%, to $125.48. At the start of trading, both benchmarks surged more than $10 a barrel to their highest since July 2008, with Brent reaching $139.13 and WTI reaching $130.50.0

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