Oil Hits $115 as Ukraine Conflict Intensifies

Oil jumped toward $115 a barrel on Friday on a jittery market as fears of Moscow’s invasion of Ukraine disrupting Russian exports continues to panic energy markets.

Brent crude reached up to $114.98 while the U.S. West Texas Intermediate (WTI) went as high as $112.84. Prices have now settled at $110 a barrel.

Brent has risen 17 percent in a week, and the U.S. benchmark 21 percent.

Oil prices are rising on fears that international sanctions on Russia over its conflict with Ukraine will disrupt oil supplies. Russia is the world’s biggest exporter of crude and oil.

The conflict has been outweighing the prospect of the Iran nuclear deal, whose revival has seen significant progress, allowing for more Iranian oil exports and easing shortages.

“Russia’s invasion of Ukraine means that fears over supply will remain front and center,” said Stephen Brennock of oil broker PVM. “The sanctions noose is likely to tighten on Moscow which can only be supportive for oil prices.”

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