Call it a fallout of the Ukraine-Russia war, the global oil prices have touched the highest since 2008 with Brent crude rising to $139 a barrel before settling at $130.
BBC said consumers are already feeling the impact of higher energy costs as fuel prices and household bills jump.
Stock markets in Asia fell on Monday, with Japan’s Nikkei and the Hang Seng in Hong Kong down by more than 3%.
On Sunday, the US Secretary of State Antony Blinken said the Biden administration and its allies are discussing an embargo of Russian oil supplies.