The oil and gas terminal at the Port of Odessa in Odessa, Ukraine, on Saturday, Jan. 22, 2022.Christopher Occhicone | Bloomberg | Getty ImagesU.S. crude oil surged more than 7% in Sunday evening trade as the market continued to react to supply disruptions stemming from Russia's ongoing invasion of Ukraine and the possibility of a…
West Texas Intermediate crude futures, the U.S. oil benchmark, traded 7.34% higher to $124.17 per barrel. At one point the price rose to $130.50 Sunday evening, its highest since July 2008, before retreating.
The international benchmark, Brent crude, spiked 8.54% higher to $128.20. Brent hit a high of $139.13 at one point overnight, also its highest since July 2008.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital.
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