Oil prices climb to highs since 2008

Created: 07/03/2022Updated: 07/03/2022 07:30

A pump in an oil field.

The US wants to consider a ban on imports of Russian oil.

© Jacob Ford/Odessa American/dpa

Since Russia invaded Ukraine, the price of Brent has risen by around a third.

As the week begins, the price is now climbing to its highest level in 13 years.

Singapore - A possible freeze on oil imports from Russia pushed oil prices to their highest level since 2008 at the start of the week.

In early trading, the price for a barrel (159 liters) of North Sea Brent rose by up to almost 18 percent to $139.13 and was thus close to the record level of almost $150 from summer 2008. The Brent price recently rose almost 11 percent or $12.57 to $130.67.

This accelerated the rise in oil prices over the past few days.

Since Russia's invasion of Ukraine, the price of Brent has risen by around a third after having risen in the weeks before.

The price has risen by around two-thirds since the end of 2021.

The development of the price for a barrel of the US West Texas Intermediate (WTI) variety looks similar.

On Monday, the WTI price rose by a good nine percent, or around $11, to over $126 after temporarily exceeding the $130 mark for the first time since 2008.

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US Secretary of State Antony Blinken had brought new punitive measures against Russia into play because of the further escalation of the Ukraine war: Washington is advising European allies on a possible ban on imports of oil from Russia.

"We are now speaking with our European partners and allies to examine, in a coordinated manner, the prospect of a ban on Russian oil imports," Blinken said on Sunday.

dpa