Oil prices continued to surge in Monday morning trade as the market reacted 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, spiked 3.5% to trade at $119.78 per barrel. At one point the price rose to $130.50 Sunday evening, its highest since July 2008, before retreating. Continue reading “U.S. crude oil briefly tops $130 a barrel, a 13-year high on possible Western ban of Russian oil”