Brent touches nine-year high, supply issues hit market

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Brent crude futures rose as high as $118.22 a barrel, the highest since February 2013, in early trade today.

Brent crude futures rose as high as $118.22 a barrel, the highest since February 2013, in early trade.US West Texas Intermediate crude hit an 11-year high of $114.70 a barrel and was at $113.01 a barrel, up $2.41, or 2.2%.

So far, Washington has stopped short of targeting Russia's oil and gas exports as the Biden administration weighs the impacts on global oil markets and US energy prices. Russia is the world's third biggest oil producer and the largest exporter of oil to global markets, according to the International Energy Agency.

The Organization of the Petroleum Exporting Countries and their allies including Russia, known as OPEC+, decided to maintain an increase in output by 400,000 barrels per day in March despite the price surge, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude.

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