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2 Mar 2022

Oil Spikes Higher as Russian Supply Concerns Increase Amid Sanctions

The Index Today

Latest data released shows that oil prices surged higher on Wednesday as supply disruption fears mounted following heavy sanctions on Russian banks amid the intensifying Ukraine conflict as traders scrambled to seek alternative oil sources in an already tight market.

Brent crude futures rose by as much as $8 and touched as high as $113.02 a barrel, the highest since June 2014, before easing to $111.75 at 0804 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up $7.24, or 7%, to $110.67 a barrel, after earlier hitting the highest since August 2013.

Westpac economist Justin Smirk said, "Trade disruptions are starting to get people's attention, issues around trade finance and insurance - that's all impacting exports from the Black Sea. The supply shocks are unfolding."

Russian oil exports account for around 8% of global supply.

©Photo: Financial Times

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