On Wednesday, oil prices increased in turbulent trade, boosted by the suspension of Russian and Kazakh crude deliveries via the CPC pipeline.
As of 11:00 a.m. EDT, Brent crude futures were up $6.35, or 5.5 percent, at $121.80 per barrel (1400 GMT). WTI crude futures in the United States gained $5.72, or 5.2 percent, to $115 a barrel.
The market is still nervous about the fallout from Russia’s invasion of Ukraine, which resulted in harsh sanctions against the world’s second-largest petroleum supplier. The oil market has been volatile for weeks, and after a sharp drop last week, crude futures have been steadily rising in recent days due to supply uncertainty.