Crude oil prices surged around 6 percent on Thursday after the International Energy Agency (IEA) report warned of tight energy markets following sanctions against Russia.
As of 1235 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $5.87 to reach 103.89 a barrel. Brent crude prices are expected to average $105.22 per barrel this year, the EIA said in its latest Short-Term Energy Outlook last week, significantly raising its Feb forecast of $82.87. In its March STEO last week, the EIA said it expects Brent Crude prices to average $117 a barrel in March, $116 for the second quarter of this year, and $102 per barrel in the second half of 2022.—TLTP
