Oil hits 13-year high

Oil prices have soared to the highest level since 2008

Oil prices have soared to the highest level since 2008 after the US said it was discussing a potential embargo on Russian supplies with its allies.

Qazet.az reports that grent crude (the global oil benchmark) spiked above $139 a barrel in Asia trade, before easing to below $130.

Energy markets have been rocked in recent days over supply fears triggered by the Russian invasion of Ukraine.

Consumers are already feeling the impact of higher energy costs as fuel prices and household bills jump.