Oil Prices Hit $130 as Delay in Iranian Nuclear Talks Fuel Tight Supply from Russia Sanction

Oil prices rose significantly to a 14-year high on Monday morning amid concerns of tight supply in both oil and natural gas from the sanctions on Russia.

In the early morning of Asian trading session, the international benchmark Brent crude rose 10.14% to $130.09 per barrel, a level not seen since 2008. Meanwhile, West Texas Intermediate rose 9.42% to $126.58 a barrel.

In the meantime, the delay to the conclusion of Iranian nuclear talks and the potential return of Iranian crude to global markets fueled oil prices that are already suffering from Russian supply disruptions.