As Russia’s invasion of Ukraine intensifies and oil buyers avoid barrels from one of the world’s largest exporters of crude and refined crude products, the global benchmark, Brent crude futures, has begun the trading session, surging over $135 per barrel.
Since Russia launched its special military operation in Ukraine, the US and other European countries have been hesitant to sanction Russia’s oil and gas exports. This is due to Western allies’ concerns about the impact on Europe’s energy supply as well as skyrocketing oil and gasoline prices.
Even in the absence of sanctions, Brent oil is trading at a 14-year high not seen since 2008. The US benchmark has also risen to a 14-year high, breaking through the $130 per barrel benchmark during the start of the Asian session.
