The cost of Brent crude oil has surged by 10% to its highest level since 2008 after the United States said a ban on Russian crude imports was being considered as a further sanction following president Putin’s invasion of Ukraine.

The international oil benchmark hit $130 a barrel early on Monday – with its US counterpart also rising by more than $10 to near $127.

The upwards shifts followed comments by US secretary of state Antony Blinken that his country and European allies were discussing a block on oil from Russia – the world’s third-largest producer.

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Such a move would be aimed at disrupting crucial state income – on top of wide-ranging sanctions already announced to date amid no sign that measures to date have forced Russia to alter course.