Oil prices have risen to the highest level since 2008 after the US said it was discussing a potential embargo on Russian supplies with its allies, the BBC reported.
Brent crude – the global oil benchmark – went up to above $139 a barrel, before easing to around $130.
Supply fears triggered by the Russian invasion of Ukraine have rocked the energy markets.
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 per cent lower and the Hang Seng in Hong Kong down by 3 per cent.
On Sunday, the US Secretary of State Antony Blinken said the Biden administration and its allies are discussing an embargo of Russian oil supplies.
President Volodymyr Zelensky has told Ukrainians they have “withstood the blow” of Russia’s invasion as he urged citizens to continue fighting.
In an impassioned speech delivered from Kyiv on Saturday night, Zelensky told the country that the time has come for them to launch a fightback.
“You need to go out and drive this evil out of our cities,” he said.
UAE votes in favour of resolution on human rights situation in Ukraine
Meanwhile, within the framework of the 49th session of the United Nations Human Rights Council on the situation in Ukraine, the UAE voted in favour of a resolution on the human rights situation in Ukraine.
The resolution was adopted following a majority vote of 32 member states in favour, two against, and 13 abstentions.
The resolution recalls the obligations of all states under Article 2 of the Charter to refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any state, and to settle its international disputes by peaceful means.
Ahmed Abdulrahman Al Jarman, Ambassador and UAE Permanent Representative to the United Nations and other international organisations in Geneva, called on all parties to the conflict in Ukraine to exercise restraint, de-escalate and work to end this crisis through dialogue and diplomatic means.
Al Jarman stressed the UAE’s firm position to de-escalate and work to find a peaceful solution to the crisis. The UAE supports efforts aimed at dialogue and diplomacy at all levels, to ensure a peaceful solution and the return of stability and security.