Oil soars past $110/bbl on growing Russian supply disruptions | Reuters
Oil prices surged beyond $110 per barrel on Wednesday as traders scrambled to seek alternative oil sources due to supply disruptions after sanctions on Russian banks amid the intensifying Ukraine conflict, while U.S. crude inventories fell unexpectedly, underscoring the already tight market.
Brent crude futures hit their highest since June 2014 at $113.94 a barrel, before easing to $109.85 by 10:46 a.m. EST (1546 GMT), up $4.88, or 4.7%.
U.S. West Texas Intermediate (WTI) crude futures jumped more than $9 to $112.51 a barrel, hitting the highest since May 2011 before losing some steam to trade up $4.55, or 4.4%, at $107.96.
"Investors, traders, and politicians alike are scrambling to address the worsening Russia-Ukraine standoff. The initial upward price reaction after the conflict in Ukraine started six days ago is only intensifying," said Rystad Energy analyst Louise Dickson.
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