Shortly after the opening of trading around 23:00 GMT, the benchmark Brent crude price for May delivery rose to 139.13 dollars, before retreating.
At around midnight GMT, it was still up 10.44 percent at $130.45.
Analysts attributed the rise to the delay in concluding the Iranian nuclear talks, and thus the delay in the possible return of Iranian crude to global markets already suffering from Russian supply disruptions.
Talks to revive Iran’s 2015 nuclear deal with world powers were clouded on Sunday, following Russia’s demands for guarantees from the United States that sanctions it faces over the conflict in Ukraine would not harm its trade with Tehran.
Sources said that China has put forward new demands.
In response to Russia’s demands, US Secretary of State Anthony Blinken said on Sunday that the sanctions imposed on Russia over the war on Ukraine had nothing to do with a possible nuclear deal with Iran.
Brent crude futures rose $12.28, or 10.4 percent, to $130.39 a barrel by 23:05 GMT, while US West Texas Intermediate crude rose $10.70, or 9.3 percent, to $126.38.
Both crudes rose in the first few minutes of trading, Sunday, to their highest level since July 2008, as Brent reached $139.13 a barrel and West Texas Intermediate crude reached $130.50.
The two crude contracts recorded their highest level since July 2008, with Brent crude recording $147.50 a barrel and West Texas Intermediate $147.27.
