Oil surges 8% amid warnings of Russian supply shortages

Benchmark Brent crude futures LCOc1 added US$8.62, or 8.79%, at $106.64 a barrel, its largest percentage gain since mid-2020. U.S. West Texas Intermediate (WTI) crude CLc1 rose $7.94, or 8.35%, to $102.98 a barrel.In the last eight trading sessions, Brent oil per barrel has traded as high as $139 and as low as $98 - a more than $40 spread. That has pushed many investors to exit,

HOUSTON: Oil prices climbed 8% on Thursday, extending a series of wild daily swings, as the market rebounded from several days of losses with a renewed focus on supply shortages in coming weeks due to sanctions on Russia.

Oil benchmarks in recent weeks have undergone their most volatile period since mid-2020. After sliding as buyers cashed in on the run-up, prices resurged on expectations that shortages will soon squeeze the energy market.