Crude oil surges to 14-year highs on delays in Iranian talks

March 07, 2022 03:47 PM AEDT | By Arpit Verma
Follow us on Google News:


  • Crude oil prices reached to nearly 14-year highs.
  • The prices recorded the biggest daily percentage gains since May 2020.
  • The Western allies are considering options to ban imports of Russian oil.

Brent Crude Oil prices surged to US$139.13/bbl on Monday, the highest since 2008 as the ongoing crisis between Russia and Ukraine intensifies. The Western allies including the US and European Union are considering banning imports of Russian oil. At the same time, delays in the potential return of Iranian oil into the global market have further sparked the crude oil rally.

Also Read: Crude oil slides from multi-year highs as Iran talks rev up

Supporting oil price, a shutdown of Libya’s El Feel and Sharara oilfields also resulted in the loss of 330,000bpd, the country’s National Oil Company stated on Sunday.

Source: Eikon Refinitiv

On Monday, May delivery Brent Crude oil futures last traded at US$127.22 per barrel up 7.79%, while April delivery WTI crude oil futures traded 6.56% up at US$123.27 per barrel as of 07 March 2022 at 12:14 PM AEDT.

Source: Eikon Refinitiv

The US oil benchmark soared nearly 13% to hit US$130 per barrel before paring some gains to trade around US$125 per barrel. The prices recorded the biggest daily percentage gains since May 2020.

Must Read: Crude oil rises on fresh Russia-Ukraine war warnings

On Sunday, Antony Blinken, the US secretary of state said that the Western allies are considering banning Russian oil and natural gas imports, in an effort to ramp up sanctions against Russia for its invasion of Ukraine.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK