Will oil break the 2008 record of $147 a barrel? – The National

Will oil break the 2008 record of $147 a barrel? – The National

Live updates: follow the latest news on Russia-Ukraine

Oil prices touched their highest level since 2008 on Tuesday, surging past $130 a barrel, after US President Joe Biden banned crude, gas and coal imports from Russia in retaliation to Moscow's military offensive in Ukraine.

The UK also said it will suspend the imports of Russian oil and oil products in a phased manner by the end of 2022, and is also considering a ban on natural gas from Moscow.