Oil Prices Soar Past $110 on Growing Russian Supply Disruptions

The oil price rally has been dramatic, with Brent gaining over 15% this week alone as the West responded to Russia’s invasion of Ukraine with numerous sanctions, which have targeted financial transactions and banks.

David Gaffen, Reuters

Editor’s note: This story was last updated at 3:04 p.m. CST on March 2.

Oil surged relentlessly beyond $110/bbl on March 2, extending its rally since Russia invaded Ukraine seven days ago, on expectations that the market will remain short of supply for months to come following sanctions on Moscow and a flood of divestment from Russian oil assets by major companies.

The market rallied into the close of trading on heavy volume, with global benchmark Brent crude ending the day at its highest close since June 2014, while U.S. crude’s settlement was its highest since May 2011.

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