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The relentless rise in oil prices reached new milestones on Wednesday, as Brent rose above $ 113 a barrel for the first time in nearly eight years, amid deepening concerns about Russia’s oil supplies.
Brent, the world standard, rose 5.4% in recent trading to $ 110.20 a barrel.
At one point it reached $ 113.02, nearly up 8% per day and the highest overnight level since June 2014.
U.S. crude traded up 4% on Wednesday morning at $ 107.42 a barrel.
US crude oil, also known as West Texas Intermediate (WTI), rose 7.8% to $ 111.50 a barrel, the highest level since August 2013.
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