World crude oil prices jumped more than 10% at the opening of trading on Monday amid concerns over the risk of a Western ban on Russian oil imports exacerbated by delays in Iran's nuclear talks.
Brent crude benchmark bounced more than 15% at the start of the Asian session, bringing it to hit the $ 139 a barrel price level before reducing some gains to trade at around $ 128 a barrel.
US WTI trading rose almost 13% to $ 130 a barrel before it declined slightly to trade at around $ 124 a barrel.
The surge brings both benchmarks to their highest level since 2008 and is on track to record the largest daily percentage gain since May 2020.
According to the latest developments, U.S. Secretary of State Antony Blinken said Sunday that Washington and its allies are considering banning imports of oil and natural gas from Russia.
Meanwhile, talks to restore Iran’s nuclear deal were stuck in uncertainty on Sunday following Russia’s request for written assurances from the United States that sanctions on Moscow would not affect its trade with Iran.
This indirectly led analysts to see it as a way for Moscow to evade Western sanctions.
Meanwhile, China has also reportedly made similar demands on its trade with Iran, further complicating efforts in signing a nuclear deal and reducing the potential for Tehran's oil to return to world markets.
