Oil rose sharply as Iran deal delayed

International benchmarks for crude oil registered additional gains on Monday, 7 March 2022, sending prices to the highest levels since 2008 after Russia demanded the US to guarantee that the international sanctions it faces will not impede its trade with Iran. Industry experts said the development will likely cause a delay in the return of Iranian crude oil.

Brent rose $5.1 or 4.3% to close at $123.21/barrel. 

WTI jumped $3.82 or 3.2% to close at $119.40/barrel.