Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay

Brent LCOc1rose US$5.1, or 4.3%, to settle at $123.21 a barrel, and U.S. West Texas Intermediate (WTI) CLc1rose $3.72, or 3.2%, to settle at $119.40 a barrel. During the session, both benchmarks hit the highest since July 2008 with Brent hitting $139.13 a barrel and WTI $130.50.

BENGALURU: Oil prices jumped on Monday to their highest levels since 2008 as the United States and European allies considered banning Russian oil imports while it looked less likely that Iranian crude would return switftly to global markets.

Brent LCOc1rose US$5.1, or 4.3%, to settle at $123.21 a barrel, and U.S. West Texas Intermediate (WTI) CLc1rose $3.72, or 3.2%, to settle at $119.40 a barrel. During the session, both benchmarks hit the highest since July 2008 with Brent hitting $139.13 a barrel and WTI $130.50.