Brent crude breaches $111 mark, highest in 8 yrs, amid Ukraine war

Lower supplies as well as hostilities between Russia and Ukraine pushed Brent crude oil price to nearly an 8-year high on Wednesday.

Besides, robust global demand is expected to keep the Brent-index crude oil price high.

Consequently, crude oil prices have surged by nearly 15 per cent in the last two days on fear of tight supplies.

On Wednesday, the Brent-indexed crude oil prices rose to over $111 per barrel on Wednesday.

It had risen to $102 per barrel on Tuesday from Monday’s $98 per barrel mark.

At present, Russia is the third largest producer of crude oil in the world.

It is feared that sanctions against Russia will curtail global supplies and stifle growth.