Image source, Getty ImagesThe price of oil has risen to its highest level since 2008 after the US said it was discussing a potential embargo of Russian supplies.
The global oil benchmark spiked to above $139 a barrel before easing back to below $130.
The Russian invasion of Ukraine has caused supply fears in the energy markets.
Consumers are already feeling the impact of higher energy costs.
The Hang Seng in Hong Kong was down 4% on Monday, while the Japanese Nikkei index was down 3.6%.
The US Secretary of State said on Sunday that the Biden administration and its allies are discussing an embargo of Russian oil supplies.
The US House of Representatives was considering legislation to ban the import of Russian oil, as well as a $10 billion aid package for Ukraine, according to Speaker Nancy Pelosi.
Ms Pelosi said in a letter that the House is looking at strong legislation that will further ostracize Russia from the global economy.
As pressure grows on the White House and other Western nations to take tougher action against Moscow over its invasion of Ukraine, the comments came as a surprise.
A Russian oil embargo would be a major escalation in the response to the invasion of Ukraine and would potentially have a major impact on the global economy.
The price of oil went up by more than 20% last week because of the conflict.
Consumers around the world have seen their costs go up in the last few days as a result of rising wholesale energy prices.
The American Automobile Association said on Sunday that petrol prices in the US have risen by more than 10% in the past week.
The average price of petrol has gone up in the UK.
The price of gas in the UK has gone up due to the conflict in Ukraine.
The cost of gas in Europe and the UK has hit record levels as fears persist that Russian supplies could be reduced.
Shell defended its decision to purchase Russian crude oil despite the invasion of Ukraine.
The decision to purchase the fuel at a discounted price was difficult, according to the company.
It confirmed that it had bought a cargo of Russian crude oil on Friday, but it had no alternative.
Ukrainian Foreign Minister Dmytro Kuleba asked if Russian oil smelled of Ukrainian blood.
Global brands are cutting ties with Russia over the conflict.
At the weekend, video-sharing app TikTok said it had suspended livestreaming and new content from its platform in Russia as it assesses tough new laws to crack down on fake news about the country's armed forces.
In the wake of the invasion of Ukraine, the company said it had cut their services in the country.
The growing list of western firms cutting ties with Russia includes Visa, Mastercard and PwC.
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