Mar 07, 2022

Oil hits 13-yr high Featured

Oil prices have soared to the highest level since July 2008 after the US said it was discussing a potential ban on Russian supplies with other countries.

Brent crude - the global oil benchmark - rose to above $139 a barrel, before easing to around $130.

Energy markets have been rocked in recent days over supply fears triggered by the Russian invasion of Ukraine.

Consumers are already feeling the impact of higher energy costs as fuel prices and household bills jump.

Petrol and diesel prices have already soared, but the boss of fuel delivery firm Portland Fuel, James Spencer, told the BBC on Monday that another rise of about 12% was likely.

The crisis continues to cast a shadow over share markets. The main stock exchanges in France and Germany sank more than 4% in early trading, while London's FTSE 100 was more than 2% down.

That came after a fall Asia, with Japan's Nikkei closing down by almost 3% the Hang Seng in Hong Kong trading 3.6% lower.

The price of gold, a haven in troubled times for investors looking for security, hit $2,000 an ounce for the first time in almost 18 months.

(BBC News)