Lagatar24 Desk
New Delhi, March 3: The price of Brent crude oil jumped beyond $118 a barrel on Thursday, the highest level in nine years, as the Russia-Ukraine crisis worsened and western countries, led by the United States, increased sanctions on Moscow, disrupting supply and trade.
In London, Brent crude futures hit a new high of $118.22 a barrel, the highest since February 2013. Brent crude, often known as London Brent, accounts for more than half of the world’s crude oil supply.
The price of West Texas Intermediate (WTI) crude oil in the United States soared to $114.70 a barrel, the highest level in 11 years.
Crude futures for March 21, 2022 delivery rose 5.14 percent to Rs 8667 per barrel on the Multi Commodity Exchange (MCX) in Mumbai.
After Russian President Vladimir Putin ordered a military intervention in Ukraine, crude oil prices have soared in the recent week.
Around 10% of world oil supplies are supplied by Russia. The conflict between Russia and Ukraine has also hampered oil supply from other nations in the region, such as Kazakhstan.
