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

• Crude oil prices jumped by as much as 18% on Monday to almost $140 a barrel.
• Secretary of State Antony Blinken told NBC the US was discussing a ban on Russian oil with Europe.

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.

Oil prices could rise to $200 a barrel as the US would not be able to meet the supply shortfall from a Russian crude oil ban, said Scott Sheffield, CEO of Pioneer Natural Resource, a top US shale oil producer, the Financial Times reported.

"The only way to stop Putin is to ban oil and gas exports," Sheffield told the FT on Friday. "[But] if the western world announced that we're going to ban Russian oil and gas, oil is going to go to $200 a barrel, probably — $150 to $200 easy."

Surging crude oil prices have already sent prices up at the pump, with US gas prices jumping 11% from a week ago to around $4 a gallon on Sunday — the highest level since 2008, according to the AAA.

"Increasing oil prices continue to play a leading role in pushing prices higher," the AAA said in a Thursday press release. "Pump prices will likely continue to rise as crude prices continue to climb."