Brent crude slips below $130 after crossing $139

Oil drilling rigs

Oil prices soared to the highest levels since 2008 on Monday, with Brent crude reaching above the $139-mark, amid reports that the United States and European allies are considering banning imports of Russian oil.

The international benchmark was trading up 9.92% at $129.83 per barrel, at 9.00 am Makkah time.

West Texas Intermediate (WTI) crude rose 8.87% to $125.94 a barrel.

Soon after trading opened, both benchmarks rose to their highest levels since July 2008, with Brent at $139.13 a barrel and WTI at $130.50, Reuters reported.

The rise in oil prices came after US Secretary of State Antony Blinken said, on Sunday, that the US and its allies are considering banning Russian oil and natural gas imports.

Additionally, the Joe Biden administration is said to be considering whether to ban imports of Russian oil in the US without the participation of its allies in Europe, at least in principle, Bloomberg reported, citing sources.