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 Oil price soars after Ukraine invasion infographic
Graphic charts Brent and West Texas Intermediate crude oil prices.


Oil price surges past $125 a barrel amid Ukraine invasion

By Ninian Carter

March 7, 2022 - Oil prices have surged to over $125 a barrel as the United States and European allies explore a ban on imports of Russian supplies.

Oil prices momentarily soared to their highest level since 2008 on Sunday morning as the United States and European allies explored banning imports of Russian oil – the White House is already coordinating with Congressional committees to move forward with implementing its own ban.

In the first few minutes of trading on Sunday, crude oil benchmarks rose to their highest levels since July 2008, with Brent peaking at $139.13 a barrel and the West Texas Intermediate (WTI) at $130.50.

As of Monday morning (GMT), Brent was hovering around $125 a barrel and WTI at $123. Both contracts hit their highest in July 2008 when Brent reached $147.50 a barrel and WTI $147.27.

PUBLISHED: 07/03/2022; STORY: Graphic News