Oil jumps 5% as Caspian pipeline disruption adds to supply fears

Brent crude LCOc1 futures settled up US$6.12, or 5.3%, to $121.60, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $5.66, or 5.2%, to $114.93 a barrel.

NEW YORK: Oil prices jumped 5% to over US$121 a barrel on Wednesday as disruptions to Russian and Kazakh crude exports via the Caspian Pipeline Consortium (CPC) pipeline added to worries over tight global supplies.

The situation adds to market worries about the ripple effect of heavy sanctions on Russia, the world's second-largest crude exporter, after its invasion of Ukraine.