Oil prices surge to 14-year high due to potential ban on Russian oil

• Brent crude tops $139 for the first time since July 2008 

• OPEC+ will boost supply by 400,000 barrels per day in April compared to March

Oil prices continue to surge on Monday, with global benchmark Brent crude reaching its highest level in 14 years, due to significant supply interruptions and a possible ban on Russian oil imports as Moscow's invasion of Ukraine intensifies.

Brent crude, the global standard, hit a record high of $139.13 overnight, its highest level since July 2008. The contract climbed 5.72 % to $125 per barrel around 6:45 AM ET. 

Read more: US stocks plummet after Russia attacks Ukraine's largest nuclear facility

The U.S. oil benchmark, West Texas Intermediate crude futures soared to $130.50 on Sunday evening, the most since July 2008. The contract climbed 6.1 % to $122.63 per barrel around 6:45 AM ET. 

The US and its European allies are considering a ban on Russian oil imports, according to Blinken, and the White House is working with key Congressional committees on their restriction.

Read more: Russian troops attack Ukraine nuclear plant as crisis accelerates

Following Russia's invasion of Ukraine last week, crude prices initially exceeded $100, raising worries of supply interruptions from important exporter Russia, which ranks third in global oil output in an already tight market.

OPEC and its allies said last Wednesday that despite the sharp rise in oil prices that has driven prices far above $100, they will boost supply by 400,000 barrels per day in April compared to March.

Read more: US imposes visa restrictions and sanctions on Russian oligarchs

The U.S. gasoline and distillate futures rose to record highs, following the increase in crude prices.

Meanwhile, AAA, an automotive agency said that the average price of a gallon of gasoline in the US touched $4.009 on Sunday, the highest since late July 2008.

Picture Credits: FT