Oil surged above $105 a barrel for the first time since 2014.
Brent crude rose 8.64%, to $105.21 a barrel at 13:21 (MSK), and U.S. West Texas Intermediate (WTI) crude jumped 7.68%, to $99.17 a barrel.
OPEC+ meets on March 2 to decide on output for April. As of Wednesday, delegates from some of the biggest members were saying that triple-digit oil wouldn’t cause them to pump faster. Their current strategy is to add 400,000 barrels a day of crude to the market each month.
It’s possible that OPEC increases production if there’s further escalation, according to Carole Nakhle, founder of consultant Crystol Energy.
