Trading floors were a sea of red in early exchanges with experts warning of a period of stagflation with the spike in crude likely to light a fire under already high inflation.

The commodity at one point rocketed almost 18 percent to $139.13 — a level not seen since mid-2008 — after US Secretary of State Antony Blinken said the White House and allies were in talks about banning imports from Russia.

With the country the third-biggest producer of oil, such a move would compound a supply crisis just as demand takes off. Other commodities sourced from the region, such as wheat and metals, were also sharply higher.

Mike Muller of Vitol warned of further pain.

“We have plenty of twists and turns to come,” he told a podcast produced by Dubai-based consultant and publisher Gulf Intelligence.

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