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Oil rose
Brent crude surged to a two-month high amid escalating
tension between
The European benchmark climbed as much as 3 percent,
boosting its premium to WTI. Ukraine mobilized its army reserves as Russia
seized control of the Black Sea region of Crimea. The U.S. is weighing
sanctions against Moscow during the worst standoff between the West and Russia
since the Cold War ended. WTI gained on speculation supplies at Cushing,
Oklahoma, slid.
Brent for April settlement climbed $2.73, or 2.5
percent, to $111.80 a barrel at 11 a.m. New York time on the London-based ICE
Futures Europe exchange. It rose to $112.39 earlier, the highest level since
Dec. 30. Volume was double the 100-day average.
WTI for April delivery gained $2.51, or 2.4 percent,
to $105.10 a barrel on the New York Mercantile Exchange. Earlier, it touched
$105.22, the most since Sept. 20. Volume was 82 percent above the 100-day
average. Brent’s premium over WTI was $6.70, up from $6.48 on Feb. 28, the
narrowest level since October.
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