Ukraine crisis: Oil traders bet prices will pass $200 a barrel this month

Russia is the world's third-largest oil producer behind the US and Saudi Arabia

Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears. 

In the first few minutes of trade, Brent crude reached $139.13 and US West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest levels since July 2008. Their prices cooled a bit later but Brent and WTI crude still traded above $122 mark.  

Traders piled into options that oil could surge even further, with some even placing low-cost bets that futures surpass