The price of Brent crude oil went over $130 per barrel in the early hours of Monday, surpassing the top 2012 mark of over $128. The surge followed a warning 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 neighbouring countries has failed after two rounds of talks as both sides blamed each other for the crisis.
Energy markets have rocked ever since Russia was feared to invade Ukraine.
Meanwhile, oil prices came under more pressure after Libya's national oil company said an armed group had shut down two crucial oil fields.
US House of Representatives Speaker Nancy Pelosi said the House was exploring legislation to further isolate Russia from the global economy, including banning the import of its oil and energy products into the US.
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