Crude Oil Prices Skyrocketed, Surging to the Highest Level Since 2008

Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets.

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Brent rose $11.67 to $129.78 a barrel by 6:50 p.m. EST, while U.S. West Texas Intermediate crude rose $10.83 to $126.51.

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In the first few minutes of trade on Sunday, both benchmarks rose to their highest since July 2008 with Brent at $139.13 a barrel and WTI at $130.50.

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Analysts at Bank of America said if most of Russia's oil exports are cut off, there could be a 5 million barrel or larger shortfall.

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The closure of Libya's El Feel and Sharara oil fields resulted in the loss of 330,000 barrels per day, the National Oil Corporation said on Sunday.

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In the US, the average price of a gallon of gasoline hit $4.009 on Sunday, according to AAA, an automobile association, which is the highest since late July 2008.

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