Oil prices rose above $110 a barrel on Wednesday amid rising fear and disruption caused by Russia’s invasion of Ukraine.
Gatekeepers News reports that Brent crude, the global benchmark price, gained $5.30, or 5 percent, to $110.23 a barrel, the highest since July 2014, after Russian paratroopers landed in the city of Kharkiv and Moscow warned civilians to leave Kyiv before an aerial bombardment.
The rise in oil price was despite a coordinated release of 60 million barrels of oil by International Energy Agency member countries to temporarily ease supply problems.
Crude traders fear that supplies from Russia, a major exporter of oil and gas, will be hit by increasingly severe sanctions on Moscow imposed by the West in response to the Ukraine invasion.
