Oil Prices Soar as Ukraine Conflict Stokes Supply Concerns

Oil Prices Soar as Ukraine Conflict Stokes Supply Concerns
Models of oil barrels and a pump jack are displayed in front of Ukrainian and Russian flag colors in this illustration taken, on Feb. 24, 2022. Dado Ruvic/Reuters
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LONDON—Oil prices surged on Tuesday as concerns over supply disruptions after Russia’s invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release.

May Brent crude futures were up $5.14, or 5.25 percent, to $103.11 a barrel by 1145 GMT. The benchmark touched a seven-year high of $105.79 after the invasion began last week.