Oil slides from decade-highs as Iran talks kindle supply hopes

U.S. Oil at Decade High as OPEC+ Ignores Supply Crisis Heightened by War 

In India, MCX crude futures for March 21 delivery hit an all-time high of $8,274 a barrel.

The Russia-Ukraine conflict has prompted fears of a disruption to oil and commodities supplies

Brent crude futures rose by more than $8, touching a peak of $113.02 a barrel, the highest since June 2014, before easing to $111.53, up by $6.56 or 6.3% by 0950 GMT

Brent crude futures rose by as much as $8.

A co-ordinated release of 60-million barrels of oil by IEA member countries agreed on on Tuesday failed to reassure the market

It comes as crude prices rally to multi-year highs on supply disruption fears and Russia's intensifying war with Ukraine.

Oil prices hit fresh highs on Wednesday, as the economic sanctions imposed on Russia started to bite and markets grew increasingly concerned about depleted supplies.

The sharp price hikes are tracking strong gains in Middle East benchmark Dubai last month which reached record levels as buyers faced limited options amid tight supplies

London stocks rose in early trade on Wednesday despite ongoing concerns about the Ukraine crisis, with housebuilders on the front foot after solid results from Persimmon.

Lower supplies as well as hostilities between Russia and Ukraine pushed Brent crude oil price to nearly an 8-year high on Wednesday.

Supply disruption fears mount following hefty sanctions on Russian banks

Market experts fear that oil prices may continue to rise in the coming days.

Oil prices surged to seven-year highs on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market.

Price surge as supply disruption fears mount after hefty sanctions on Russian banks amid the intensifying Ukraine conflict

Benchmark U.S. crude rose USD 5.24 per barrel to USD 108.60 in electronic trading on the New York Mercantile Exchange. Brent crude, the international price standard, gained USD 5.43 to USD 110.40 per barrel in London.

Earnings outlook for upstream PSUs has improved considerably given the recent rise in crude oil prices above $90/bbl mark and expectation of a further steep hike in domestic gas price over H1-H2FY23

The official selling price (OSP) for Saudi's flagship Arab Light crude may rise to a record of $4.50 a barrel, up $1.70, three of five refining sources told Reuters in a survey.

Oil prices continued their march higher, rising to the highest since 2011amid shortage fears as Russia's war on Ukraine intensifies.

Brent futures rose $7.00, or 7.1%, to settle at $104.97 a barrel, their highest close since August 2014.

SINGAPORE — Oil prices extended their rally on Thursday, with Brent rising above $118 a barrel as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries, while U.S. crude stocks fell to multi-year lows.

NEW YORK — Oil prices surged beyond $110 per barrel on Wednesday as traders scrambled to seek alternative oil sources due to supply disruptions after sanctions on Russian banks amid the intensifying Ukraine conflict, while U.S. crude inventories fell unexpectedly, underscoring the already tight market.