1 Mar 2022
Oil Prices Surge as Ukraine Conflict fuels Supply Concerns
The Index Today
Oil prices jumped again on Tuesday as concerns over potential supply disruptions after Russia's invasion of Ukraine and other related sanctions outweighing talks of a coordinated global crude stocks release.
Latest data release shows that May Brent crude futures were up $3.04, or 3.1%, to $101.01 a barrel by 0843 GMT. The benchmark touched a seven-year high of $105.79 after the invasion began last week.
U.S. West Texas Intermediate (WTI) April crude futures were up $2.56, or 2.67%, at $98.28. The contract touched a high of $99.10 a barrel the previous day, ending up more than 4%.
Major oil and gas companies, including BP (NYSE:BP) and Shell (LON:RDSa), have announced plans to exit Russian operations and joint ventures.
Buyers of Russian oil are facing difficulty over payments and vessel availability due to sanctions.