Prices of oil have surged to the highest level since 2008 after European countries placed a sanction on oil exported to the continent by Russia and the US signalled there will be a potential embargo on Russian supplies with its allies.
Brent crude - which is usually used as global oil benchmark - soared to over 139 dollars a barrel, before portraying a slight decline to around 130 dollars.
Energy markets have been feeling the pinch of the Russian-Ukraine war in recent days over supply shortage fears. Developing economies that are import-dependent are likely to suffer because of the surge in price of oil, which has already caused a cost-push inflation.