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Bangkok Post
Bangkok Post
Business

Oil spikes to 2008 highs as US, Europe mull Russian oil import ban, Iran delay

United States Russia Iran
A model of 3D-printed oil barrels is seen in front of displayed stock graph in this illustration taken, Dec 1, 2021. (Reuters photo)

SINGAPORE: Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears.

Brent crude futures rose US$8.46, or 7.2%, to $126.57 a barrel by 8.28am in Thailand, while US West Texas Intermediate (WTI) crude rose $7.65, or 6.6%, to $123.33.

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