Oil rises as fears of Russian oil sanctions spur supply concerns | Reuters
Oil prices rose on Tuesday, with Brent surging past $126 a barrel, as fears of formal sanctions against Russian oil and fuel exports spurred concerns about supply availability.
Benchmark Brent crude futures for May climbed $3.07, or 2.49%, to $126.28 a barrel at 0756 GMT.
U.S. West Texas Intermediate (WTI) crude futures for April delivery rose $2.29, or 1.92%, to 121.69 a barrel.
Russia is the world's second-biggest oil exporter and ships out about 7 million barrels per day of crude and oil products combined.
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