The price of oil has skyrocketed in the open on Monday after the White House said it was discussing an embargo on Russian supplies.

This was pre-market news reported on here:

• Secretary of State Blinken: US is “looking” at banning Russian oil and gas, but need permission from EU

The world's benchmark, Brent crude oil, jumped as much as 18% from the get-go while WTI, or US oil, hit $126.73 and is lingering there at the time of writing. The moves come on top of +20% rallies last week. 

Due also to delays to the conclusion of Iranian nuclear talks as well OPEC+ that stood pat with their original supply agreement, we have a supply shock that is underpinning prices. 

''At the same time, the IEA's coordinated release of 60 million bbls is also unlikely to dent prices. In this regard, and considering the world's spare capacity was already stretched, there is no source capable of providing a reliable offset to Russian production in the immediate-term. In this context, oil prices are likely to remain elevated and prone to further spikes as global supply is on edge,'' analysts at TD Securities said.