Oil prices surged on Tuesday as concerns over potential supply disruptions amid Russia’s invasion of Ukraine outweighed talk of a coordinated global release of crude stocks to calm markets. May Brent crude futures, which began trading as prompt on Tuesday, advanced 1.8% to $99.7 by 0734 GMT after briefly touching $100. The benchmark touched a seven-year high of $105.79 after Russia’s invasion of Ukraine began last week. U.S. West Texas Intermediate (WTI) April crude futures rose 1.6% to $97.28. That contract touched a high of $99.10 a barrel the previous day, and had settled up more than 4%. read more Concerns over tightening supplies drove prices higher as peace talks between Russia and Ukraine on Monday ended with officials heading back to capitals for further consultation, suggesting conflict resolution is not imminent. “The fragile situation in Ukraine and financial and energy sanctions against Russia will keep the energy crisis stoked and oil well above $100 per barrel in the near-term and even higher if the conflict escalates further,” wrote Louise Dickson, senior oil market analyst from Rystad Energy, in a note. Major oil and gas companies, including BP and Shell , have announced plans to exit Russian operations and joint ventures. read more Buyers of Russian oil are facing difficulty over payments and vessel availability as Western sanctions in response to the invasion of Ukraine take hold. read more Meanwhile, Asia’s factories sustained a brisk recovery in February amid signs the coronavirus pandemic was having less of an impact of business, implying an uptick in oil demand. read more Still, the market mood was helped by the United States and allies discussing a coordinated release of crude stocks to mitigate supply disruption. That release could tally up to between 60 million and 70 million barrels, media outlets reported. “That likely release is capping oil price rises for now,” analysts for Commonwealth Bank of Australia wrote in a note. The International Energy Agency (IEA) is set to hold an extraordinary ministerial meeting on Tuesday to discuss what role its members can play in stabilizing oil markets. Russia, which calls its actions in Ukraine a “special operation”, exports some 4 million to 5 million barrels per day of crude oil, and 2 million to 3 million barrels per day of refined products. The Organization of the Petroleum Exporting Countries (OPEC) and other producers – including Russia – will also meet on Wednesday and are anticipated to maintain a gradual increase to supplies. NN: They will play the oil shortage fiction to the hilt. Reality is the world has plenty og gas and oil. It just leadership that has really fucked thing up. Liberal assholes have tripled the price of oil for Russia… WHAT FUCKING SANCTION…… The Oligarchs have to move their yachts back to the black sea…… They will have to go to Cuba, The middle East, and China Instead of vacations in Europe. That will show them .. How about they can suck up the shares of stocks of BP and the like at fire sale prices. Remember oil company investments in Russia are their to stay the technology transfer that made Russia a oil super power has been done. Their is no undoing it now. So really who is fucking who with this bogus sanctions drum beat…. Its all a charade so the lefty liberals do now have to do something real like providing air cover for Ukraine and send in troops to stop Putin.