Brent and Texas crude prices rose on Thursday, March 3, continuing their upward trend since Russia invaded Ukraine, amid expectations that the market will continue to suffer from supply shortages for several months following severe sanctions on Moscow and the collective exit of major company investments from Russian oil assets. Brent crude rose by about 3.5% to around $117 per barrel, while Texas crude reached its highest level since 2008 at $115 per barrel. Global demand has almost returned to pre-pandemic levels, but supplies are insufficient to meet the demand, causing large countries to resort to drawing from their reserves to compensate for the shortfall.
Oil at Highest Price Since 2008
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