Crude prices on Monday reached their highest level since August as Indian and Chinese refiners scrambled to find alternative supplies after tough new US sanctions targeting Russian oil revenues.

Brent crude, the international benchmark, rose as much as 1.9 per cent to $81.29 a barrel in London, beyond the $80.93 high of last October. The gains followed a 3 per cent rise on Friday following the initial announcement of the new sanctions. WTI, the US equivalent, added 2.3 per cent to $78.33.

Giovanni Staunovo, an oil analyst for UBS, said there had been reports that refineries in China — the world’s largest oil importer — and India — the third-largest — were seeking new sources of crude after the US announced sanctions on producers including Gazprom Neft and Surgutneftegas.