Brent Touches $139

Oil prices jumped on Monday to their highest levels since 2008 due to supply concerns due to the announcement by the United States that it is studying with its European allies a ban on the import of Russian oil and the possible delay in the return of Iranian crude to global markets.

In the first few minutes of trading, Brent crude reached $139.13, and US West Texas Intermediate crude reached $130.50. Both benchmarks hit their highest levels since July 2008.

Some of those gains had decreased, with Brent crude rising $ 6.60, or 5.6 percent, to $ 124.71 a barrel, and West Texas Intermediate crude, $ 6.67, or 5.8 percent, to $ 122.35.

On Sunday, US Secretary of State Anthony Blinken said the United States and European allies were considering a ban on Russian oil imports, while the White House coordinated with key congressional committees to move forward with the ban.

A senior Iranian security official said on Monday that the prospects for the nuclear talks “remain unclear”. However, an Iranian Foreign Ministry spokesman said an agreement could be reached quickly if Washington accepted the points raised by Tehran.

Analysts said Iran would need several months to restore its oil flows even if it reached a nuclear deal.