Energy markets have been rocked in recent days concerning 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.
Stock markets in Asia fell on Monday, with Japan's Nikkei 2.7% lower and the Hang Seng in Hong Kong down by 3%.
The US Secretary of State Antony Blinken said the Biden administration and its allies were discussing a ban on Russian oil supplies. US House of Representatives Speaker Nancy Pelosi said the chamber was "exploring" legislation to ban the import of Russian oil.
A Russian oil embargo would be a major escalation in the response to the invasion of Ukraine and would have a major impact on the global economy.
"While the US might just push through a ban on Russian oil imports, Europe can ill-afford to do the same. More worryingly, [Russian leader Vladimir] Putin, with his back to the wall, could turn off gas supplies to Europe, cutting off the continent's energy lifeline," Vandana Hari at oil markets analysis firm Vanda Insights told the BBC.
The cost of petrol and diesel in the UK has soared. James Spencer, managing director of fuel delivery firm Portland Fuel, said bad news had kept coming, and prices were set to rise even higher.
Ukraine conflict: Oil price soars to highest level since 2008 - BBC News
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