Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.
The oil industry has been gripped by acute risk aversion in the finance and shipping sectors after several nations including the United States sanctioned multiple Russian entities following Russia's invasion of Ukraine, though Washington has explicitly exempted energy products from the Russian measures. read more
Brent crude topped $112 a barrel on Wednesday, the highest since 2014, shrugging off news that several developed countries plan to release a record 60 million barrels of strategic petroleum reserves to cool prices. read more
Crude oil market milestone mayhem
The price spread for Brent crude delivered between now and in 12 months is at $21.54 a barrel, the steepest on record, while Brent's premium to Dubai - the price spread between sweet and sour grades - hit an all-time high of $12.93 a barrel on Wednesday, a trader said.
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