Brent crude futures prices rose to $119.84 a barrel, the highest level since May 2012, according to “Reuters”.
By 07:52 GMT, the price of Brent crude rose $6.85, or 6.1 percent, to $119.78 a barrel.
But after several hours, the price went back down to about $ 115, and despite that, the number remains very high compared to the numbers of previous years.
West Texas Intermediate crude rose to $116.57 a barrel, the highest level since September 2008, and scored $116.41 a barrel, an increase of $5.81, or 5.3 percent a barrel.
The oil gains came after the latest package of US sanctions on Russia’s refining sector, which raised fears that Russian oil and gas exports would be next to be targeted.
The OPEC Plus bloc, which includes the member states of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, decided not to increase production more than the amount agreed upon in the production agreement.
The agreed quantity amounted to 400,000 barrels per day in March, despite the increase in prices and consumers’ demands for more crude.