Oil jumps 8% after reaching July 2008 highs - Breaking The News

Oil jumps 8% after reaching July 2008 highs

7 March

1 min read

EPA-EFE/LARRY W. SMITH

Prices of oil futures continued to rise on Monday and hit levels not seen since July 2008 after United States officials signaled their willingness to ban oil imports from Russia. US House of Representatives Speaker Nancy Pelosi said that the lower chamber of US Congress is "exploring strong legislation" that "would ban the import of Russian oil."

Furthermore, US Secretary of State Antony Blinken revealed yesterday that there is a "very active discussion" between the Biden administration and European countries on the topic of Russian energy imports.

West Texas Intermediate (WTI) for settlements in April jumped 8.85% to sell for $125.92 per barrel at 12:59 am ET after hitting a daily high of $133.46. Brent for deliveries in May grew 9.84%, going for $129.74 per barrel at 1:04 am ET with $139.13 as the record price today.

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