Oil prices rocket to ten-year highs due to supply woes in Russia
Brent crude, the global standard, hit a record high of $119.84 per barrel, the highest level since May 2012. The contract climbed 3.90 % to $117.32 per barrel around 4:22 AM ET
By Ishika Dangayach
Published - Mar 03, 2022, 10:39 AM ET
Last Updated - Feb 17, 2024, 09:55 PM EST
• Brent crude tops $119 for the first time since May 2012 after a 6.1 % jump
• OPEC+ will boost supply by 400,000 barrels per day in April compared to March
Oil prices continue to surge on Thursday, with global benchmark Brent crude moving towards $12O per barrel reaching its highest level in years, due to significant interruptions in Russian crude supplies as Moscow's invasion of Ukraine intensifies.
Brent crude, the global standard, hit a record high of $119.84 per barrel, the highest level since May 2012. The contract climbed 3.90 % to $117.32 per barrel around 4:22 AM ET.
