Oil prices surged to a 14-year high, while gasoline prices surged past $4 a gallon to near a national record, as the U.S. and its allies discuss potential restrictions on the purchase of oil from Russia after the country invaded Ukraine.
Russian oil has so far been spared western sanctions, at least directly, in an effort to minimize economic fallout in the U.S. and Europe.
But the prospect that could change briefly sent the price of Brent crude oil, the global benchmark, above $130 per barrel, its highest since 2008. Brent was trading at around $124 a barrel in late morning trade.
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