Oil rose 8% on warning of shortages due to Russian sanctions

International benchmarks for crude oil surged more than 8% on Thursday, 17 March 2022 on a renewed focus on the supply after the International Energy Agency (IEA) said that 3 million barrels per day of Russian oil and products could be shut next month, prompting fear of a global shortage.

Brent jumped $8.62 or 8.79% to close at $106.64/barrel. 

WTI surged $7.94 or 8.35% to close at $102.98/barrel.