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The Lowdown Hub

Oil prices soar as western allies discuss Russian import ban Brent crude hits $139 as Moscow says it

© AP/Reuters/EPA-EFE

Oil prices soared on Monday to more than $139 a barrel after the US said it was in “active discussions” to ban Russian crude imports, shaking markets as Moscow claimed it would pause bombing in Ukraine to allow civilians to escape four frontline cities.

The international benchmark Brent surged to $139.13 a barrel on Monday morning, almost 20 per cent above its settlement price on Friday, hitting its highest level since the 2008 financial crisis.