Oil surges almost 20% to near $140 a barrel as US and Europe weigh ban on Russian imports

Crude oil prices surged as much as almost 20% on Monday to near $140 a barrel for the first time since July 2008, after the US said it was considering a ban on Russia's energy exports together with European leaders.

Oil's relentless price rise comes on the back of fears about a supply crunch after US Secretary of State Antony Blinken told NBC's "Meet the Press" on Sunday that the US was in discussion with European allies about a ban of Russian oil.

Brent crude oil futures were last up 6.2% at $125.27 a barrel at 5:45 a.m. EST, having risen earlier by as much as 18% to a session peak of $139.13 a barrel in Asian trading. US benchmark West Texas Intermediate (WTI) futures were up 6.3% at $122.89 a barrel, having hit an earlier intraday high of $130.33. The two contracts are up by almost 65% so far this year.

Russia is the world's third-largest oil producer, and accounts for roughly 10% of global supply, according to the International Energy Agency.