Brent crude oil prices surpassed $130 per barrel in the early hours of Monday, exceeding the previous year’s high of more than $128. The increase came in response to Russian President Vladimir Putin’s warning to hit vital areas in Ukraine.
The 12th day of Russia’s invasion of Ukraine, which Putin intends to demilitarise, has arrived. After two rounds of discussions, a temporary truce between the two neighbouring countries disintegrated as both sides blamed one other for the situation.
Energy markets have been roiled since Russia threatened to attack Ukraine.
Meanwhile, oil prices fell further when Libya’s national oil company reported that an armed group had shut down two critical oil fields.
Speaker of the United States House of Representatives Nancy Pelosi said the House was considering measures to further isolate Russia from the global economy, including a ban on the import of Russian oil and energy goods into the United States.