Brent jumped as much as 18 per cent in a matter of minutes at the open yesterday before paring some gains.
A new push by the United States to ban Russian crude imports, has prompted oil price surge, briefly touching $139 a barrel.
The U.S said, it was discussing a ban on Russian crude imports, fanning supply fears in an already jittery market. This is as traders have expressed the conviction that oil could surge even further after rising to the highest since 2008, with some even placing low-cost bets that futures surpass $200 before the end of March.Prices to buy call options at higher prices surged Monday as the market assessed the possibility of a supply cut-off from Russia, one of the world’s biggest exporters.
More than 1,200 contracts for the option to buy May Brent futures at $200 a barrel traded on Monday, according to ICE Futures Europe data. The options expire March 28, three days before the contract settles and the price to buy them jumped 152 per cent to $2.39 a barrel, according to Bloomberg.
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