# Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay | Reuters

> Brent settled up $5.10 at $123.21 a barrel and WTI rose $3.72 to $119.40. Both benchmarks hit their highest since July 2008 during the session, with Brent touching $139.13. The rally followed talk of banning Russian oil and delays in Iran nuclear deal talks.

- Date: 2022-03-07 · published 2022-03-07T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/42431-oil-prices-hit-14-year-highs-on-russia-oil-ban-talks-iran-deal-delay-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Prolonged crude spikes raise diesel and freight costs for feed mills and push up input costs for grain, oilseed and protein processing. Energy-driven rallies also tend to lift biofuel-linked vegetable oil and corn demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-07 | 5 | +23.6% | 5.8 | Brent settled at $123.21 on March 7, touching $139.13, on Russian oil ban talk and Iran deal delays, directly producing the end-of-window spike. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-03-06 | [Oil price surges to highest since 2008 on delays in Iranian talks \| Reuters](https://feedsoft.ai/events/6283-oil-price-surges-to-highest-since-2008-on-delays-in-iranian-talks-reuters.md) | -4.6% | -13.0% |
| BRENT | 2025-12-19 | [Oil prices climb as US blocks Venezuelan tankers, eyes on Russia-Ukraine talks \| Reuters](https://feedsoft.ai/events/21665-oil-prices-climb-as-us-blocks-venezuelan-tankers-eyes-on-russia-ukraine-talks.md) | +3.1% | +8.7% |
| BRENT | 2024-03-18 | [Oil prices inch higher amid attacks on Russian energy facilities \| Reuters](https://feedsoft.ai/events/31372-oil-prices-inch-higher-amid-attacks-on-russian-energy-facilities-reuters.md) | -0.3% | +6.0% |
| BRENT | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -5.7% | -24.9% |
| BRENT | 2022-03-03 | [Oil slides from decade-highs as Iran talks kindle supply hopes \| Reuters](https://feedsoft.ai/events/10344-oil-slides-from-decade-highs-as-iran-talks-kindle-supply-hopes-reuters.md) | -1.8% | -1.2% |
| WTI | 2022-03-06 | [Oil price surges to highest since 2008 on delays in Iranian talks \| Reuters](https://feedsoft.ai/events/6283-oil-price-surges-to-highest-since-2008-on-delays-in-iranian-talks-reuters.md) | -5.5% | -14.2% |
| WTI | 2025-12-19 | [Oil prices climb as US blocks Venezuelan tankers, eyes on Russia-Ukraine talks \| Reuters](https://feedsoft.ai/events/21665-oil-prices-climb-as-us-blocks-venezuelan-tankers-eyes-on-russia-ukraine-talks.md) | +0.8% | +7.3% |
| WTI | 2024-03-18 | [Oil prices inch higher amid attacks on Russian energy facilities \| Reuters](https://feedsoft.ai/events/31372-oil-prices-inch-higher-amid-attacks-on-russian-energy-facilities-reuters.md) | -0.9% | +5.3% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-spikes-2008-highs-us-europe-mull-russian-oil-import-ban-iran-delay-2022-03-07/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.