Oil prices surge to 7-year highs
Oil prices hit their highest levels on February 14 in more than seven years as fears of a possible Russian invasion of Ukraine rocked the market.
Brent crude futures hit $95.61 a barrel (+$1.17, +1.2%), following an earlier peak of $96.16; it is the commodity’s highest level since October 2014.
WTI crude rose to $94.51 (+$1.41, +1.5%) a barrel, its highest point since September 2014.
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Tensions about an imminent attack by Russia on Ukraine have rattled the financial markets. The concern is that Russia’s attack could trigger US and European sanctions, disrupting exports from the world’s top producer in a market already beset by supply issues.
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The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are struggling to meet increased production targets.
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