Brent, WTI Spike to 2008 Highs

Brent crude soared near $130 a barrel on Monday, its highest since 2008, as the United States and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fueled tight supply fears.
Brent crude futures jumped $10.88, or 9.2%, to $128.99 a barrel, while US West Texas Intermediate crude climbed $9.80, or 8.5%, to $125.48, Reuters reported.
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50.
Monday's intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27.
“The United States and European allies are exploring banning imports of Russian oil,” Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban.
"The scramble for additional barrels to fill what could balloon to a 3-4 million bpd Russian export deficit will undoubtedly move into warp speed this week," RBC Capital's Helima Croft said in a note.
"This could prove to be a tall order as immediate OPEC spare capacity currently rests with Saudi Arabia, UAE, Kuwait and Iraq, and we estimate that these four countries could only bring on between 2-2.5 million bpd in the next 30-60 days," she said, adding that it remains to be seen how many countries will join a formal Russian oil embargo.
Global oil prices have spiked more than 60% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. 
China, world's No. 2 economy, is already targeting a slower growth of 5.5% this year.