The price of a barrel of Brent from the North Sea, one of the two benchmark varieties on the market, came close to 140 dollars on Sunday, close to its absolute record, boosted by the worsening of the conflict in Ukraine and the virtual shutdown total Russian oil exports.
Shortly following the opening of electronic trading, around 11:00 p.m. GMT, Brent for May maturity, the benchmark contract, rose to 139.13 dollars, within reach of the absolute record, i.e. 147.50 dollars, which dates from July 2008.
The price then retreated, but by 00:30 GMT it was still up 9.02% to $128.77.
Since the launch of the invasion of Ukraine by Russian troops, Brent has taken 33%.
The other market benchmark, the barrel of West Texas Intermediate (WTI), the main American variety, due in April, rose to 130.50 dollars on Sunday.
Around 00:30 GMT, it was up 8.18% to 125.15 dollars.
US Foreign Minister Antony Blinken said on Sunday that the United States and the European Union were “very actively” discussing the possibility of banning oil imports in response to the invasion of Ukraine.
Even if oil is, in theory, exempt for the moment from sanctions, Russian exports are no longer finding takers, Shell being one of the few to have risked it this week.
“Stop buying Russian oil,” Ukrainian Foreign Minister Dmytro Kouleba pleaded on CNN on Sunday in response to Shell’s acquisition of 100,000 tonnes of Russian oil.
