Yahoo Finance UK

Oil hits 10-year high and closes in on $120 a barrel

LaToya Harding · Business reporter
Thu, March 3, 2022, 4:53 AM

Brent crude oil (BZ=F), the international benchmark, climbed to over $119 (£89) a barrel to a 10-year high on Thursday as the war in Ukraine continued to stoke supply concerns.

It briefly touched $119.30, its highest level since March 2012, before later retreating slightly meaning Brent has gained $20 in just a week since Russian troops pushed into Ukraine. ... West Texas Intermediate (CL=F) was also trading above $115 on the day, its highest since 2008.

It comes as the US has targeted Russia’s oil refining sector with sanctions, with the possibility that its oil and gas exports will be next on the list.

Earlier this week, the US, along with Japan and other major consumer nations, agreed to release 60 million barrels from their stockpiles in an attempt to stabilise global energy markets.

{snip}