Brent crude price jumps about 5% and reaches $110 per barrel

Today, the price of Brent crude exceeded the threshold of $110 a barrel, while the price of West Texas Intermediate crude jumped more than five percent, a rise caused by the growing fears over oil supplies due to the continuing Russian invasion of Ukraine and the sanctions that are constantly being imposed on Moscow because of it.

The price of a barrel of Brent crude rose by 4.88 percent to $110.09, while the price of West Texas Intermediate crude increased by 5.06 percent to $108.64 a barrel.

The increasing sanctions imposed by Western countries on Russia raise fears of stopping Russian exports of oil and gas, which is reflected in a rise in prices.

Russian supplies constitute about 40 percent of European gas needs, while about 2.3 million barrels of Russian crude travel west every day through a network of pipelines.

Yesterday, the International Energy Agency announced that its member states would withdraw from their strategic oil reserves 60 million barrels to allay market concerns.

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