The price of oil surpassed $90 a barrel on Wednesday — its highest mark in eight years as limited supply coupled with the prospect of …
The price of oil surpassed $90 a barrel on Wednesday — its highest mark in eight years as limited supply coupled with the prospect of a Russian invasion of Ukraine sent energy prices soaring. Brent crude futures, the international benchmark, rose by more than 2% to $90.07 while US benchmark West Texas Intermediate crude futures also jumped by more than 2% and was trading at $87.43 per barrel. The world is watching closely as the geopolitical crisis in Eastern Europe has escalated, with the US promising to provide oil and natural gas to Europe if Moscow cuts off supplies in retaliation for sanctions. The Biden administration has vowed to impose harsh sanctions against Russia if its forces invade Ukraine. Fears of Russian military action have deepened as Moscow has steadily increased its military buildup along the border with Ukraine.
