ADVERTISEMENT
Brent Oil Jumps 6% as Russia Sanctions Intensify Shortfall Fears
Brent crude soared past $104 a barrel after Western nations unleashed more sanctions to isolate Russia.
28 Feb 2022, 07:07 AM IST 
Rusted oil barrels sit in a spill at a Petroleos de Venezuela SA (PDVSA) facility in the Orinoco Belt of El Tigre, Venezuela. (Photographer: Bloomberg)
(Bloomberg) -- Brent crude soared past $104 a barrel after Western nations unleashed more sanctions to isolate Russia, one of the world’s top producers of oil, gas, metals and agricultural products.
Futures in London jumped as much as 6.5% in early Asian trade on Monday. The U.S. and its European allies agreed over the weekend to exclude some Russian banks from the SWIFT messaging system and to target the Russian Central Bank’s international reserves amid escalating conflict as Vladimir Putin ordered Russia’s military advance to proceed.
Russia is a key supplier of energy to global customers, with Europe relying on the nation for about a quarter of its oil supplies and a third of its gas.
©2022 Bloomberg L.P.