NEW YORK: Oil prices soared Thursday on tensions surrounding key producer Russia, while global equities mostly rose as markets digested monetary tightening moves by central banks.
The price of benchmark oil contract, Brent North Sea crude, jumped more than 8% to race past $100 per barrel after Russia rejected a ruling from the UN’s top court to suspend its Ukraine offensive.
“Russia’s invasion is still dictating price action… given the country’s global importance in terms of supply,” Interactive Investor analyst Victoria Scholar told AFP.
The surge in oil prices has added to worries about inflation, prompting a warning Thursday from the OECD that fallout from the conflict could…
