Oil prices briefly spiked Thursday to their highest level in nearly 14 years as concerns about supply disruptions from Russia continue.
US crude jumped as much as 5.4% to $116.57 a barrel on Thursday — the biggest trade since Sept. 22, 2008. A week earlier, Lehman Brothers collapsed.
However, the peak was fleeting. By late morning, oil had turned slightly negative. In recent trading, crude was little changed at $110.75 a barrel.
Despite the retracement of highs throughout the day, oil has remained up 20% since just before Russia invaded Ukraine last week.
Brent, the global benchmark, flirted with $120 a barrel on Thursday morning. Brent hit an intraday high of $119.84 a barrel, the highest since May 2012. The crude oil contract has retreated and in recent trading has risen just a little.
Russia was the world’s No. 2 oil producer last year, and the invasion of Ukraine has sparked fears about supply disruptions.
While Western officials have not imposed sanctions directly on Russian oil and gas supplies, industry analysts say there has been a de facto ban on oil from Russia due to concerns about conflicting with the sanctions.
Source: CNN Brasil
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