Oil prices spiked to a 13-year high on talks about possible sanctions against Russian crude oil in response to its continuing aggression in Ukraine. Brent crude prices are trading firmly above $130/bbl. Nymex Crude briefly too hit $130/bbl mark and is trading firmly above the $120/bbl mark.

The talks about these potential considerations follow a list of sanctions that have already implemented and set to have a considerable impact on the Russian economy. 

The rapidly deteriorating situation in the region and strict sanctions are stoking fear of further supply disruptions. In fact crude prices have experienced extreme volatility since Russia's attack in Ukraine last month and prices have rallied over 25 percent since the US sanctions on February 24. Year-to-date, crude has risen well over 40 percent this year and over the past year, the gains in crude is over 50 percent. 

In the Indian context, it does not augur very well as fuel prices and there are expectations of a price hike soon. Petrol prices are Rs 98.46 per litre in New Delhi, Rs 98.30 per litre in Kolkata, Rs 104.56 per litre in Mumbai and Rs 99.49 per litre in Chennai. while diesel is hovering close to the Rs 95/litre level in Mumbai while Delhi prices are ranging around Rs 87 per litre. In Chennai and Kolkata, the diesel prices are at Rs 91.43/litre and Rs 89.79/litre respectively.