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Brent Crude Oil Crossed $111 Highest Since June 2014

Brent crude (B – Trams):Oil futures crossed $111 per barrel on Wednesday, the highest since June 2014 after the IEA warned that global energy security is under threat as the worsening crisis in Ukraine and broadening sanctions against Russia stoked fears of further supply disruptions.

  • IEA executive director Fatih Birol said the current situation in energy markets is “very serious and demands our full attention”,
  • following a decision by its members including the US and Japan to release 60 million barrels of crude from emergency reserves in an effort to alleviate the upward march in oil prices.
  • Meanwhile, OPEC+ alliance of major producers that includes Russia stuck to a planned output increase of 400,000 barrels a day in April.