International oil prices soared by more than 8%, hitting an eight-year high

International oil prices rose
sharply as negotiations on coordinating the release of global crude oil inventories failed to quell concerns about supply disruptions caused by the Russian-Ukrainian conflict, Reuters reported on March 2.

Brent crude futures for May delivery were up $7.
83, or 8.
0 percent, to $105.
80 a barrel at press time
.
U.
S.
West Texas Intermediate (WTI) crude rose $8.
27, or 8.
6%, to $103.
99 in April
.

Reuters reported that intraday Brent crude oil hit the highest since August 2014, WTI hit the highest since July 2014, while WTI is expected to record the largest one-day percentage increase since May 2020, and Brent crude oil is expected to record the largest one-day percentage increase since August 2021
.

Members of the International Energy Agency (IEA) are discussing releasing 60 million barrels of oil stocks from their Strategic Petroleum Reserve (SPR) to lower prices
.
In addition, the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers, including Russia, (OPEC+) are scheduled to meet
on Wednesday.

The report quoted senior oil market analyst Louise Dickson's analysis as pointing out that "the impact of the Russia-Ukraine conflict will continue to cause an energy crisis in the short term, and oil prices are currently above $100 per barrel, and even higher
if the conflict escalates further.
" ”