Oil surges 10% to $130 a barrel on intensifying fears of a supply crunch

On Sunday evening, crude oil prices jumped 10% to top $130 a barrel on fears of a supply crunch.

On Sunday, the Secretary of State said that the US was in discussion with European allies about a ban on oil imports.

International benchmark crude oil futures were up 8.0% at $128.01 a barrel. The US benchmark West Texas Intermediate oil futures were up over 7 percent.

At one point overnight, the price of crude touched $139.13 a barrel. The price of crude oil is up about 65% so far this year.

According to the International Energy Agency, Russia is the third-largest oil producer.

Scott Sheffield, CEO of Pioneer Natural Resource, a top US oil producer, told the Financial Times that oil prices could rise to $200 a barrel because the US wouldn't be able to meet the supply shortfall from a Russian crude oil ban.

The only way to stop Putin is to ban oil and gas exports.

The average price of a gallon of gas in the US jumped to $4 on Sunday, the highest level since 2008, as crude-oil prices surged.

Increasing oil prices are pushing prices higher, according to a Thursday press release.