A model of 3D-printed oil barrels is seen in front of displayed stock graph in this illustration taken, Dec 1, 2021. (Reuters photo)
SINGAPORE: Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears.
Brent crude futures rose US$8.46, or 7.2%, to $126.57 a barrel by 8.28am in Thailand, while US West Texas Intermediate (WTI) crude rose $7.65, or 6.6%, to $123.33.
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50.
Monday’s intraday highs are near record levels seen for both contracts in July 2008 when…
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