Brent oil rallies above $110 as IEA warns on energy security

Brent oil extended its relentless rally above $110 a barrel before an OPEC+ meeting as the International Energy Agency warned that global energy security is under threat following Russia’s invasion of Ukraine.

Futures in London and New York both soared almost 6% — pushing West Texas Intermediate to the highest since 2013 — before easing slightly. The situation across energy markets is very serious, IEA Executive Director Fatih Birol said Tuesday after the U.S. and other economies agreed to release oil reserves. Investors will be watching for a response from OPEC+ when the cartel meets Wednesday to discuss April supply, but only a modest increase is expected despite the turmoil rippling through the sector.