Oil Jumps To 14 Year High, Seesaws In Early Trading – 7 March, 2022

Oil prices skyrocketed to a 14 year high with Ukraine peace talks making little progress and the threat of bans on oil imports from Russia triggered investor fears over inflation and slowing economic growth. International benchmark Brent crude briefly hit more than $139 per barrel, jumping around in morning trade and was up 0.8% settling at $124.20 per barrel. U.S. crude was up 0.4% to $119.86 per barrel. The Russian attack on Ukraine has triggered sweeping sanctions by the US and Europe in an effort to isolate Russia and stop unwarranted attacks.