Oil prices touch highest level since 2008, jump close to $140 mark

Oil prices continued to soar on Monday after reports said the US and European allies are planning to ban Russian oil imports over its invasion of Ukraine. In the first few minutes of trade on Monday, Brent crude hit $139.13/barrel while West Texas Intermediate hit $130.50/barrel, both at their highest since July 2008. Russia is the world's second-largest crude exporter.