Oil prices soar as Ukraine conflict stokes supply concerns

Wednesday, 2 March 2022 00:15 - - {{hitsCtrl.values.hits}}

LONDON (Reuters): Oil prices surged yesterday as concerns over supply disruptions after Russia's invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release.

May Brent crude futures were up $ 4.58, or 4.67%, to $ 102.55 a barrel by 13:31 GMT after hitting an intraday high of $ 104.60. The benchmark touched a seven-year high of $ 105.79 after the invasion began last week.

US West Texas Intermediate (WTI), April crude futures were up $ 4.14, or 4.33%, at $ 99.86 a barrel after hitting its highest level since July 2014 at $ 101.53.

A Russian armored column bore down on Ukraine's capital Kyiv yesterday after deadly shelling of civilian areas in its second largest city.

Russia said on Tuesday its forces had cut off the Ukrainian military from the Sea of Azov, north of the Black Sea.

Russia's economic isolation deepened as the world's biggest shipping firm Maersk yesterday said it would halt container movement to and from Russia. Meanwhile, Britain has banned all ships with any Russian connection from entering its ports.

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