Brent crude hit a 14-year high of $ 130 a barrel

Crude oil prices surged nearly 10% on Sunday evening to top $130 a barrel on fears of a supply crunch.

Oil’s relentless price rise comes on the back of fears about a supply crunch after American Secretary of State Antony Blinken told NBC’s “Meet the Press” on Sunday that the US was in discussion with European allies about a ban of Russian oil.

Oil prices could rise to $200 a barrel as the US would not be able to meet the supply shortfall from a Russian crude oil ban, said Scott Sheffield, CEO of Pioneer Natural Resource, a top US shale oil producer, per the Financial Times.

Surging crude-oil prices have already sent prices up at the pump, with US gas prices jumping 11% from a week ago to around $4 a gallon on Sunday — the highest level since 2008, according to the AAA.