Oil prices surged more than 10% after reports that the US was mulling a ban on Russian crude imports threatened a stagflationary shock for world markets.
The Biden administration is considering banning Russian oil imports into the US without the participation of allies in Europe, Bloomberg reported.
The Brent international benchmark hit $139.13 a barrel at the start of trading on Monday, and then slid back to $128.
Although the oil price went down, consumers still face higher household energy and petrol costs.
In 2008, a similar scenario took place. Russian troops were preparing to invade Georgia and crude prices were soaring, hitting an all-time high of $147.50. However, this time analysts are expecting that mark could be surpassed because of the geopolitical impact of the Ukraine crisis.
