Brent soars to $119, highest since May 2012, as US sanctions target Russia
US sanctions targeting Russian refineries, disruptions to shipping and a fall in U.S. crude stocks to multi-year lows kept oil prices racing on Thursday as Brent charged towards $120 a barrel, its highest in almost a decade.
Brent crude futures rose as high as $119.84 a barrel, the highest since May 2012. The contract was at $119.78 a barrel, up $6.85, or 6.1%, by 0752 GMT.
U.S. West Texas Intermediate crude hit a high of $116.57, the loftiest since September 2008, and was at $116.41 a barrel, up $5.81, or 5.3%.
The gains followed the latest round of U.S. sanctions on Russia’s oil refining sector that raised concerns that Russian oil and gas exports could be targeted next.
