Singapore March 2 2022: Oil prices have surged ~5 percent despite new measures announced by IEA aimed at calming markets worried by the invasion of Ukraine.
Brent crude (the international benchmark for oil prices) has hit $110 a barrel, marking the highest level seen in more than seven years.
It rose even after the International Energy Agency’s members agreed to release 60 million barrels of oil from emergency stockpiles.
Russia is one of the biggest energy producers in the world.
As a result, concerns about Russia’s invasion of Ukraine have sparked concerns among investors that oil or gas supplies could be affected.
Meanwhile, the price of US oil – West Texas Intermediate crude – rose to almost $109 a barrel.
