Oil price surges to multi-year highs as Russian supply shortfall looms

Brent LCOc1 futures rose US$7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $8.01, or 7.4%, to end at $115.68. That was the highest close for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.

NEW YORK: Oil surged on Friday, ending the week at multi-year highs as Russia's invasion of Ukraine intensified and oil buyers shunned barrels from the world's second-largest exporter of crude.

Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively.