In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Carnes City, USA.
The price of Brent crude rose above $130 a barrel in the early hours of Monday, surpassing the 2012 top mark of more than $128. The escalation came after warnings from Russian President Vladimir Putin to target strategic locations in Ukraine.
Today is the 12th day of Russia’s invasion of Ukraine, which Putin wants to demilitarize. A temporary ceasefire between the two neighboring countries failed after two rounds of talks as both sides blamed each other for the crisis.
Energy markets have been in turmoil ever since Russia feared an invasion of Ukraine.
Meanwhile, Libya’s national oil company said an armed group had closed two important oil fields, putting oil prices under more pressure.
US House of Representatives Speaker Nancy Pelosi said the House was exploring legislation to isolate Russia from the global economy, including banning imports of its oil and energy products into the US.
Read more: Russian banks switch to Chinese UnionPay after withdrawal of Visa, Mastercard