The West Texas Intermediate (WTI) crude futures surged more than 4.
5% to almost hit $94 per barrel on Friday afternoon, its highest since 2014 after the White House said that Russia could invade Ukraine at any time.
The upward pressure on prices was already present earlier after IEA said supply tensions will rise if the persistent gap between OPEC+ output and its target levels continues.
The IEA also pointed out that Saudi Arabia and the United Arab Emirates could pump more oil as they still have spare capacity.
The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.
Source: Trading Economics
WTI Crude hits $94 per barrel